Korean Bank Partners with Bitcoin Service for Remittances

For a change, it seems like a bank investigating blockchain tech might be getting it right. CoinDesk is reporting that Kookmin Bank in South Korea is linking up with Coinplug, a services company that has regularly been raising investment funds since 2013, to ease and speed its remittance services.

Korean_yen_1944Over the last 6 months or so, all the news has been about the blockchain, and many pundits for the mainstream media have been saying that blockchain is the real invention and Bitcoin is merely a sideshow.

In fact, Bitcoin is the real invention Ė a type of Internet money that doesnít require a government or bank to run. Without this independent, censorship resistant nature, any private blockchains created for and by banks will be little more than an multi-input ledger system to keep track of debts and credits that will still need to be settled at a later date.

Itís unclear how and how much value private blockchains will provide to banks. It is clear that Bitcoin already allows for the transfer of value anywhere in the world, in minutes, and for miniscule fees. Itís nice to see a bank recognizing that fact and looking for a way to integrate the real thing into its business model.