South Korea’s Ministry of Foreign Affairs has revealed that the government is implementing a blockchain system to enable citizens living abroad to verify financial power of attorney from the nation’s various diplomatic missions around the world.
According to a TokenPost report, the project spearheaded by the South Korean government is set to be carried out in collaboration with the Korea Financial Telecommunications and Clearings Institute (KFTC).
The blockchain platform will initially be put to test at the Embassy of the Republic of Korea in Japan and the Consulate General of the Republic of Korea in Los Angeles. Domestic banks and entities working with the government on this blockchain initiative include Woori, KB Kookmin Bank, KEB Hana, Shinhan, NH Nonghyup, Citibank, and KoreaPost, among others.
The South Korean government disclosed that the current authentication process involved in the handling of FPOA (Financial Power-of-Attorney) has inconveniences that can be addressed with distributed ledger technology. With blockchain, all records of FPOA will be recorded on the system, allowing banks to verify the history of issued FPOAs and reduce the turnaround time of the overall process.
Once the system is fully operational, blockchain technology will increase the credibility and stability of the FPOA process at diplomatic missions. Moreover, as blockchain technology enables for near real-time transaction speeds, South Korean citizens can complete the process of verifying notarized financial power of attorney faster and more conveniently, in cooperation with domestic banks in South Korea.
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