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Korean Blockchain Service Platform Receives State-Authorized Certification

Last Updated March 4, 2021 4:53 PM
Samburaj Das
Last Updated March 4, 2021 4:53 PM

Korean Fintech startup Blocko’s blockchain-as-a-service (BaaS) middleware platform Coinstack has received the state-authorized ‘First Class Gold Software (GS) Certificate’. The recognition that could conceivably see adoption of its blockchain toolkit among public agencies.

Blocko’s Coinstack enables users and developers to develop, test and implement blockchain solutions across public, private and cloud-based blockchains. Users also gain access to Blocko’s software development kit (SDK) and other integrated technology stacks, as a part of the platform. Coinstack notably supports both Bitcoin-based contracts, as well as Ehtereum-based smart contracts.

According to Korean business daily Business Korea, the GS certification is a state-authorized accreditation granted to a software, following rigorous testing of its usability, functionality, performance and reliability. The certification sees the global ISO standard as the benchmark and is the first recognition of its kind for a blockchain software solution in South Korea.

Coinstack’s most prominent implementation, thus far, is its adoption by South Korea’s sole securities exchange operator, the Korea Exchange (KRX). Serviced both via cloud and on-location, the blockchain platform will enable startups and private companies to trade equity shares on the open market.

Blocko’s blockchain platform will be put to use at the Korean Securities Exchange.

“With the acquisition of the GS certification, we are now able to offer excellent blockchain products in terms of functionality and performance to customers,” stated Blocko CEO Kim Won-beom following the certification.

The benefits of gaining the GS certification sees Blocko exempted from several regulatory measures in establishing Coinstack. The most notable benefit is its designation as a preferential purchase by public agencies, which could encourage more blockchain-based applications and solutions in the public sector. Furthermore, Coinstack will also be exempted from having to register with Korea’s ON-line E-Procurement System  and the regulatory performance test of the Small and Medium Business Administration.

The certification for Blocko’s blockchain platform comes within weeks after reports that Korea is planning to introduce regulations for bitcoin in 2017 after increased adoption of the cryptocurrency in the country. The report comes amid a marked effort by the government to encourage a digital currency system to boost Fintech in the country. More recently, South Korean financial institutions and blockchain technology firms formed the country’s first every blockchain consortium to put the innovation to use in various industries from 2017 onwards.

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