South Korea-based credit card network Lotte Card has enhanced its payment app by integrating Blocko’s blockchain-based development platform, known as Coinstack.
The technology will facilitate blockchain accounting based on biometric authentication. Coinstack is provided in two types, Cloud and On-premise, and it offers private blockchain as well as bitcoin blockchain.
While many financial services organisations in South Korea including JB Bank, KISA, Korea Exchange, and Paygate have taped Blocko’s blockchain technology; however, its deployment with Lotte Card will be the first to integrate biometric authentication.
Blocko CEO Won-Beom Kim said: “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.”