Lotte card launches biometric authentication

With the recent major hacks across top-leading websites, security and login measures for payment systems are being amplified with companies looking into new ways for users to log into their systems. Biometric-based authentication is one of the more popular authorization systems since biological data is completely unique to each individual.

Lotte Card, a Korean credit card company, has teamed up with the blockchain startup, Blocko Inc., to deploy a biometric-based authentication service for its payment application.

Blocko Inc. was started in July 2016 and has raised $1.3 million in a Series A round from the Samsung Venture Corporation. Blocko Inc. implements its blockchain technology ‘Coinstack’ for document and identity authentication. Coinstack supports all types of applications and protocols through the blockchain, including Ethereum, smart contracts, and IoT devices.

Won-Beom Kim, CEO of Blocko Inc. states:

“Korea is one of countries that are most actively adopting blockchain technology. The blockchain technology is expected to be widely adopted by Internet of Things (IoT) industry, healthcare industry and electronic government segment as well as financial industry next year. Coinstack will make significant contribution to applying enterprise level blockchain technology to various industry segments,” said Won-Beom Kim, Chief Executive Officer of Blocko Inc.

Lotte Card Launches Blockchain-based Biometric Authentication Service with Blocko's Blockchain Technology

SEONGNAM, South Korea--()--Lotte Card, one of the biggest card companies in Korea, adopted a biometric-based authentication system service in its payment app jointly with Blocko Inc., a blockchain startup. Financial organizations in Korea, including banks, Korea Exchange and card companies, are actively adopting blockchain technology, but this is the first case in Korea that commercialized blockchain technology combined with biometric-based authentication system.

As the provider of Coinstack, a blockchain-based development platform, Blocko is a blockchain startup that has the largest number of references in providing blockchain technology in Korea, including Korea Exchange, JB Bank, KISA and Paygate. Recognized for its excellent technology, Blocko raised a Series A round funding of $1.3 million from Samsung Venture Investment Corporation in July 2016.

“Korea is one of countries that are most actively adopting blockchain technology. The blockchain technology is expected to be widely adopted by Internet of Things (IoT) industry, healthcare industry and electronic government segment as well as financial industry next year. Coinstack will make significant contribution to applying enterprise level blockchain technology to various industry segments,” said Won-Beom Kim, Chief Executive Officer of Blocko Inc.

Coinstack technology is constantly being upgraded to help developers easily implement blockchain service. They recently developed Smart Contracts engine, which is compatible with Smart Contract of Ethereum, and it is provided in Lua and Java languages so that it can be easily adopted in the IoT industry. In addition, it acquired the ‘Good Software Certification’, an authoritative software certificate in Korea, the first of its kind in blockchain software industry. Good Software Certification is an official seal of approval for software quality in Korea, based on international standards such as ISO/IEC 9126, 25041, and 25051. It is an unprecedented development for blockchain software industry, paving a way into government and civil adoption of the technology.

Coinstack is provided in two types, Cloud and On-premise, and it offers private blockchain as well as bitcoin blockchain. Coinstack SDKs and APIs of Blocko are available on its website (https://www.blocko.io/) for individual developers free of charge.

Dan is a Los Angeles-based musician, writer, and veteran passionate about science and technology, current events, human rights, economic impacts, and strategic calculus.
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