HF Introduces Electronic Documentation Using Blockchain
- Date 2018-07-16
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HF Introduces Electronic Documentation Using Blockchain
- HF signs MOU with KISA
Korea Housing Finance Corporation (HF, CEO Lee Jung-Hwan) announced on the 16th that it inked a memorandum of understanding (MOU) with the Korea Internet & Security Agency (KISA, President Kim Seok-Hwan) to roll out a blockchain-based electronic documentation system for its mortgage loans and other key businesses.
Under the MOU, KISA will provide HF with technical and consulting services to support it in building and operating a blockchain system, which will allow HF to replace its existing paper-based client notices with registered electronic mail. In addition, HF will adopt a blockchain-based authentication service, reducing user inconvenience and strengthening data privacy.
HF CEO Lee Jung-Hwan said, “Just like smartphones which have come to dominate the market so rapidly, digital transformation, including the protection and production of electronic records, will spread at high speed. We will improve our services to enable customers to use our products on their mobile phones.”
HF is currently accepting bids from contractors for the introduction of blockchain-based electronic documentation. From the fourth quarter of the year, HF will turn its existing paper-based notification, including notices for Bogeumjari Loan users, and mortgage documentation processes into digital delivery processes.
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HF CEO Lee Jung-Hwan (left) posed for a photo with KISA President Kim Seok-Hwan at the HF Headquarters located in Busan International Finance Center on the 16th after signing the MOU on the Promotion and Facilitation of the Use of Electronic Documents.
