The Shinhan Bank, which is the oldest South Korean bank has recently launched a blockchain-based lending platform to enable faster and seamless processing of loans. With this decision, the Shinhan bank becomes one of its kind to make use of the blockchain tech to minimize human error and increase efficiency.
The news first came into the public domain after a local media house Yonhap reported about the bank using modern technology to verify necessary documents and conduct the KYC without any human interactions. The use of the tech would help the bank save time and cost for granting loans.
The media report also suggest that the oldest bank of South Korea has integrated the blockchain technology in all its operations, and the employees of the bank can access the required data with an encrypted one time password. One of the spokespeople from the bank said that the move was aimed at boosting remote access to its services, and they will keep delivering similar modern tech-aided services to their customer.
Traditional Players Jumping on the Blockchain and Crypto Bandwagon
South Korea’s oldest bank joining on the blockchain bandwagon might not have surprised many given the surge of traditional firms and banks entering into the decentralized world. Be it Barclays raising a $5.5 million fund for a decentralized Ceowdz platform or AT&T start accepting Bitcoin as a payment, the technology is surely seeing a widespread adoption at a rapid pace.
Blockchain and cryptocurrencies might be only a decade old, and after facing a few years of skepticism, the tech has finally carved a liking for itself as no new tech has done ever before. Major tech giants like Facebook and IBM are already working on their respective blockchain and cryptocurrency projects, while many more are expected to join soon.
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