Lotte Card integrates Blocko blockchain biometric authentication in payment app

December 8, 2016 - 

Korean credit card company Lotte Card integrated a biometric-based authentication technology developed by blockchain startup Blocko Inc. in its payment app.

Though several financial organizations in Korea have adopted blockchain technology, this marks the first time in Korea that commercialized blockchain technology has been combined with biometric-based authentication system.

Blocko, which develops blockchain-based development platform Coinstack, has the largest number of clients providing blockchain technology in Korea, including Korea Exchange, JB Bank, KISA and Paygate.

In July, Blocko raised a Series A round funding of $1.3 million from Samsung Venture Investment Corporation.

“Korea is one of countries that are most actively adopting blockchain technology,” said Won-Beom Kim, Chief Executive Officer of Blocko Inc. “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.”

The startup has constantly upgraded Coinstack technology to help developers easily implement blockchain service.

Blocko recently developed Smart Contracts engine, which is compatible with Ethereum’s Smart Contract and it is provided in Lua and Java languages to allow for easy adoption in the IoT industry.

The company also acquired the Good Software Certification — an authoritative software certificate in Korea based on international standards such as ISO/IEC 9126, 25041, and 25051 — making it the first of its kind in the blockchain software industry.

The certification is expected to lead to eventual government and civil adoption of the technology.

Provided in cloud and on-premise formats, Coinstack offers private blockchain as well as bitcoin blockchain.

Developers can download Coinstack SDKs and APIs of Blocko on Blocko’s website.

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About Justin Lee

Justin Lee has been a contributor with Biometric Update since 2014. Previously, he was a staff writer for web hosting magazine and website, theWHIR. For more than a decade, Justin has written for various publications on issues relating to technology, arts and culture, and entertainment. Follow him on Twitter @BiometricJustin.