Oldest S Korean Bank Launches Blockchain-Powered Loans For the Whole Nation

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South Korea’s oldest bank, the Shinhan Bank, headquartered in Seoul, has revealed a new loan application system powered by the blockchain, with the intention of supporting customers in a bid to help them more easily apply for loans online.

Media outlet Paxnet reported the news, and one Shinhan Bank official said,

The introduction of the block chain qualification system is expected to contribute to the activation of noncommunicable products. Shinhan Bank will strive to increase customer convenience and accessibility by launching various non-face-to-face products.

The bank has said that the online verification process becomes much quicker and easier with blockchain implementation. It has already tested the system with “Shinhan Doctors” products, saying that it has reduced the verification time from days to real-time, and that further benefits come in the form of less paperwork and visits to branches. The report also says,

The block chain entitlement verification system has no restrictions on the applicable product and the introduction cost is low, so it can be applied regardless of the size of the affiliated organization.

South Korea is highly interested in blockchain and cryptocurrencies, and there are multiple solutions being developed.

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