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South Korea’s Largest Foreign Exchange Bank Files 46 Blockchain-Related Patents

KEB Hana Bank, a part of the Hana Financial Group (HFG) — one of the largest bank holding companies in South Korea — has completed 46 patent applications for methods and systems for purchasing overseas products, systems and methods for electronic contracts and methods and systems for providing digital asset services using blockchain.

“The patent applications are not just about applying blockchain technology into the banking [system]. It is important to connect the new business models and the bank's internal system through a blockchain.”

Banking institutions are among the types of companies that are filing the most significant number of blockchain patents. Bank of America (BoA), the second-largest bank in the United States, was leading in the informal blockchain patent race with a collection of more than 50 applications by fall 2018.

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