South Korea’s Second-Biggest Bank Shinhan Bank has collaborated with the Country’s Second-largest Telecom supplier KT-Corp for the motive of developing an advanced blockchain-centred system. The Korean Times stated that the new system is meant to build on the current moves by regional governments throughout the country to launch digital vouchers.
In July, CCN stated that KT Corp proposed a business blockchain which is capable of managing 2,500 exchanges for every next, in the process becoming the latest mobile carrier in the environment to develop these types of a system. The network further reported that it is designed to increase the transaction ability, to more than 100,000 per second by the year-end.
Shinhan on the upfront will deliver its exceptional business banking knowledge to the table, with its 2017 possessions totaling $302.6 billion. The government as mentioned earlier that it approves digital vouchers to be spent like money within specific destinations. The collaboration between Shinhan and KT comes in advance of the planned roll out of an economic stimulus method that includes the digital voucher scheme.
Shinhan will assume duty for developing the advanced platform’s financial assistance including payment completion and account handling, while KT will set up the underlying blockchain infrastructure that will underpin the system.
Shinhan Bank’s Head of Digital process Jang Hyunki expressing his feelings on the synergies between the two companies stated that “Shinhan’s strategic partnership with KT is a part of our initiatives to introduce a convergence between finance and ICT. The blockchain technologies will enhance users’ economic activities to a whole new level.”
South Korean Blockchain Lodestar
This is not Shinhan’s first foray into blockchain technology. Previously in 2018, following its vision of the blockchain as a core component of future banking firms, the bank’s Digital method department developed a dedicated research centre for blockchain technology in a latest for the South Korean banking industry.
CCN also stated in January 2018 that the firm became one of only a handful of South Korean banks to support cryptocurrency transactions, to the relief of local traders. The bank is also working to create a blockchain-based integrated certification firm for many financial methods including wire transfers and foreign exchange transactions.
KT Platform Service director Kim Hak-Joon expressed about KT’s eagerness to work with Shinhan Bank on the new project by stating “The collaboration with Shinhan bank will be an opportunity to expand the boundaries of KT’s blockchain technology into the financial sector. KT will continue executing its best in contributing to the nation’s blockchain field.”