Woori Bank Builds 'Blockchain Platform' for Digital Innovation

[Asia Economy Reporter Kwangho Lee] Woori Bank announced on the 6th that it has established a 'blockchain platform,' an open-source network that serves as the foundation for digital new technology services and is stable and scalable.

The blockchain platform refers to a network environment that uses blockchain technology to securely protect personal information in various transactions such as payments, authentication, and asset management, while ensuring the reliability and transparency of transactions.

With the establishment of the blockchain platform, Woori Bank has completed technical verification for the distribution of the Bank of Korea's digital currency (CBDC) pilot research to private institutions and plans to actively respond to the expansion experiments of CBDC distribution in the second half of the year.

This blockchain platform will be utilized for various services such as the issuance of the stablecoin 'Woori Bank Digital Currency (WBDC)' and non-fungible tokens (NFTs) that can prove ownership of digital assets, as well as a 'multi-asset wallet' that can be used for remittance and payments.

In addition, identity and credential verification services based on blockchain-based decentralized identifiers (DID) will also be applied to banking operations.

In this regard, Woori Bank established the 'Innovation Technology Business Division' last December, which is dedicated to blockchain platform operations. The bank plans to expand various business models based on blockchain.

A Woori Bank official said, "With the establishment of this blockchain platform, we have laid the foundation to provide innovative services through digital new technologies," adding, "The creation of a dedicated organization will accelerate the development of related new businesses."

This content was produced with the assistance of AI translation services.