Blocko is a South Korean service provider, software developing, and research company with the aim of furthering blockchain-based technology. ^[1] They are the creators of Coinstack, which provides business for enterprise blockchain projects. In the last few years they have successfully helped establish blockchain-based services to financial institutes in Korea such as Korea Exchange, Credit Suisse and conglomerates including Hyundai Motor Company, Lotte Card, and Samsung. In June 2020, Blocko announced that they were partnering with the Islamic Development Bank. Together, they plan to build a smart credit management system on the Aergo blockchain.

The project has become one of Korea's leading startups as a commercial blockchain infrastructure provider.

Through their solutions of a secure distributed network in areas such as Fintech, Public services, and enterprise companies, they have managed to work with a dozen big companies, including Samsung, SparkLabs, Posco Capital, Cisco Systems, Hyundai Motor Company, LG, IBM, and many others. ^[1]

The company was founded in Seongnam-si by Won-Beom Kim and Allan J Kim in December of 2014. In 2015, the firm launched Coinstack 1.0, a blockchain-based development platform that provides the implementation of blockchain into the systems of financial organizations. They followed with Coinstack 2.0 later that same year.^[16][19]

In 2016, they launched Coinstack OpenKeyChain, an authentication solution (which was implemented by Lotte Card the same year), Coinstack Stamping, 'a stamping solution', and Coinstack 3.0, which would also be the launch of the first blockchain platform in South Korea with a First Class GS (Good Software) Certification, a state-authorized certification system that is given when the product passes the ISO (International Organization Standardization) functionality, reliability, usability, and performance tests.

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In 2017 the firm launched a 'Blockchain specialized research center.' They also added the first commercialization of a blockchain-based voting authentication system, and shipped a file system in South Korea. 2018 saw further commercialization of their products, as they successfully completed the largest numbed of commercialization projects in the world.

Additionally, they launched Coinstack's SignOn, a blockchain-based authentication system, and were listed as a Representative Vendor in the 'Market Guide for Blockchain Platforms', a report published by research and advisory company Gartner. In 2019, the company partnered with AERGO Foundation, and launched AERGO Enterprise. ^[16]

Around June of 2020, the company announced a partnership with the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank. Together, they plan to build a blockchain-based smart credit management system.^[20] The Smart Credit Management System is to be based on smart contracts built on Aergo blockchain.^[21]

Coinstack was created by Blocko.

^[1] In addition to providing the fundamental parts used in blockchain technology, Coinstack provides a special bridging technology, where blockchain can be implemented into the already existent infrastructure of an enterprise, blockchain tech, and decentralized applications (dApps).

As a way to make implementation easier, Coinstack provides a Software development kit (SDK), and support for application programming interfaces (API) that are built to make transferring data an easier process for the user. ^[25]

The technology in Blockchain created by Blocko is expanded in the Aergo project, which uses a hybrid Blockchain design.

^[1] The system allows enterprises to transfer data without needing an intermediary.

Additionally, it can be integrated into already existing systems, provides self-governed flexibility, all while leveraging already existing IT investments build within the system.^{[23] [24]} The blockchain has secured $30 M in venture capital funding from many investors, including Sequoia Capital China, GBIC, NEO Global Capital, Dekrypt Capital, FBG Capital, Arrington XRP Capital, JRR Crypto, Rockaway Capital, and Block Crafters Capital. ^[23]

Aergo blockchain is planned to be used on the announced partnership with the Islamic Development Bank, where it will host the firms patented Smart Credit Management System.

The system plans to provide simultaneous transparency and security on credit assessments, allow creditors to reduce the credit default rate to improve business performances as a way to increase financial inclusion, integrate credit reports, rating, history, and insurance to reduce costs and improve efficiency.^[21] This plans to contribute to the reduction of poverty, while also supporting the advancement in the Islamic finance sector.^[22] The addition of this service would also pose as an extensive building block that can allow other banks to collaborate on a 'decentralized, autonomous, and strictly-governed way.' ^[21]