The Shinhan Bank, the second largest Bank in Korea, based in Seoul, will forgive loans in the future using the Blockchain technology. A new platform will allow the procedure online, internal processes are accelerated and administrative costs. With this offer, the oldest Bank in Korea, is a further step in the direction of modern banking on Blockchain-based.
By Phillip Horch
28. May 2019BTC$8.636,00 -1.79%part Facebook Twitter LinkedIn xing mail
The new lending system of Shinhan Bank is the Blockchain-technology uses for the verification of customer data. According to a report from Yonhap News, it is the Shinhan Financial Group on September 27. May announced that the Shinhan Bank wants to use the System in the private lending business. So the hurdles for the citizens to be less to apply for loans online.
within a network of affiliated institutions and banks can check the application documents and confirm. Via an encrypted password, you can quickly and easily access the data they need for loan approval.
Modern Banking with the Blockchain technology
In the past, the Bank has a number of Blockchain-initiatives. Thus, you want to reduce the risk of human error in the internal System. In August 2018, was, however, known that the Bank KT in cooperation with the telecommunications provider Corp is working on a block chain-based platform. Then it went to digital coupons, which should be issued by local administrations and used like cash. Furthermore, Shinhan had set up a research centre for the technology. There, the developers have worked on an integrated certification system for Online money Transfers and foreign exchange.
lending via Blockchain
Now, the Shinhan Bank has introduced as the first in Korea, a System for the Review of the private credit business and necessary evidence on the Basis of the Blockchain technology. The customer previously had to submit evidence of employment or proof of income to the Bank. This meant, however, a significant amount of time for the Bank to verify the authenticity of the submitted documents.
With the validation via Blockchain, the Korean Bank house promises to be a significant time and cost savings. In addition, the Bank wants to simplify by using the Blockchain to their customers across the country in the future, the access to various Services.
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