Dunamu said on Thursday it had successfully completed a proof of concept (PoC) with Hana Financial Group for an overseas remittance service using blockchain technology.

The PoC replaced remittance messages previously exchanged via the existing SWIFT method between Hana Bank’s domestic and overseas branches with blockchain messages on GIWA Chain, a layer2 blockchain developed by Dunamu.

In the process, Dunamu used its proprietary privacy protocol, BOJAGI, to maximise security.

The BOJAGI protocol, based on zero-knowledge proof technology, maintained transparency in financial transactions while safely protecting sensitive financial information of senders and recipients.

The PoC is the first outcome of a memorandum of understanding (MOU) the two companies signed in December last year to jointly develop financial services using blockchain technology.

Since signing the MOU, the two sides have continued cooperation to apply blockchain technology to traditional financial services, including foreign exchange operations. Based on the result, they plan to expand cooperation through the third quarter of this year to build next-generation overseas remittance infrastructure using deposit tokens.

Dunamu CEO Kyungseok Oh (오경석) said, "This PoC, which innovated the existing SWIFT system with GIWA Chain, is a first step in proving that blockchain can go beyond a simple technology and become a new standard for global financial infrastructure." He added, "We will continue the challenge to lead a future financial ecosystem based on global Web3."