South Korea's NH Bank has joined a consortium of global banks trying to capitalize on blockchain technology.
 
The bank announced on Friday that it has joined R3CEV, a consortium of the world's top banks, which works in collaboration with database technology firm, R3.
 
The consortium is reportedly developing and testing a system to apply blockchain technology to traditional finance. A blockchain is an open, distributed ledger that can record transactions between two parties in a verifiable manner. Blockchain technology can be used to block hacking attempts on cryptocurrency transactions.
 
A bank official said that the bank plans to acquire related technology from the consortium and apply it to diverse areas.