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S Korean Giant to Create Insurance Solution at New ‘Blockchain Hub’

S Korean Giant to Create Insurance Solution at New ‘Blockchain Hub’ 101
Source: iStock/monsitj

Hanhwa Group, South Korea’s eighth biggest company, has unveiled a 15-storey building in Seoul’s exclusive Gangnam district, in the hope that it will become a “hub of blockchain development.” Hanhwa says that it has also created a “blockchain team,” whose task will involve integrating blockchain technology with its insurance products.

S Korean Giant to Create Insurance Solution at New ‘Blockchain Hub’ 102

The company yesterday unveiled its new multi-purpose building, the Dream Plus Gangnam, and said it would create a 200-person research center staffed by its own blockchain employees, as well as third-party experts – with an aim to provide “support and training” to companies looking to develop blockchain solutions.

An official from Hanwha Life, the group’s finance and investment subsidiary, told reporters, "The group is now building up a blockchain team, who will be based at the new building, and we are currently looking for ways to apply blockchain technology to the insurance business.”

Hanhwa also says it will allow blockchain startups and investors to use its meeting rooms and presentation spaces at Dream Plus Gangnam.

Earlier this month, the company hosted international blockchain round table talks at an event in China. Hanwha Life chief information officer Kim Dong-won was also invited to a summit hosted by Chinese President Xi Jinping, with blockchain development thought to have been on the agenda. Also attending the meeting were the chairman of the Bank of China and the head of a car manufacturer Toyota Motor Corporation.

Hanwha Investment & Securities last year joined a blockchain initiative called Chain ID, along with some of South Korea’s biggest financial companies. The initiative comprises a personal authentication platform tool for financial transactions, including stock trading and money transfers.

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