Korea’s commercial banks will use blockchain technology to verify the authenticity of financial letters of attorney notarized by diplomatic missions abroad in real time, thereby simplifying overseas residents’ financial activities in Korea.

According to the Ministry of Foreign Affairs and the Korea Financial Telecommunications and Clearings Institute (KFTC), Korea’s embassy in Japan and consulate general in Los Angeles began to offer the pilot service of “financial power of attorney verifications” involving overseas missions Friday, using blockchain technology.

Overseas Koreans wishing to perform financial activities in Korea have to deliver letters of attorney notarized by overseas missions to their agents in Korea.

However, there have been lots of inconveniences because it has taken much time for banks to confirm whether the letter of attorney is true.

From now on, banks can log on to the system of the KFTC to verify the authenticity of letters of attorney in real time. Issuance records of letters of attorney and information will be stored in blockchain-based systems. The Foreign Ministry plans to let more overseas missions offer the financial power of attorney verification service gradually. /jms@decenter.kr

James Jung