Shinhan Card, South Korea’s largest bank card firm and a world top-five bank card issuer, has launched a blockchain-powered digital guarantee service used to certify the authenticity of merchandise.
South Korean information outlet Cash At the moment has reported that the guarantee service is first coming to BGZT – a Seoul-based startup working a used items gross sales platform with which Shinhan Card signed a partnership to increase their strategic alliance on platform companies a few yr in the past.
When prospects buy items from BGZT’s three shops in Seoul, they’ll scan a QR code on the bought product and obtain a digital guarantee. They will then verify detailed info on the product on Shinhan’s pLay cellular software, whether or not or not the product was bought with Shinhan Card’s credit score or debit playing cards.
The service is predicted to checkmate the sale of pretend items. The businesses say they plan to promote 10,000 merchandise that may be licensed with the digital guarantee service by the top of 2022.
Shinhan Card says it’s going to increase the service by persevering with to signal partnerships with extra retailers and producers within the nation. An organization spokesperson additionally said that Shinhan Card will hold creating extra blockchain-backed companies to be used in day-to-day life.
“We’ll enhance the credibility of used merchandise by introducing safer blockchain applied sciences and providing higher buyer experiences. We’ll hold creating numerous blockchain-backed fee companies utilized in day-to-day life by partnering with extra producers and retailers,” the corporate official mentioned.
Blockchain adoption in South Korea gaining floor however nonetheless faces regulatory pushback
The digital guarantee service will not be the primary blockchain-powered product corporations within the Shinhan Financial institution conglomerate have launched. Again in 2020, Shinhan Card grew to become the primary bank card issuer on the planet to receive a patent for a blockchain-based fee system after initially asserting its plans in 2019.
Equally, Shinhan Financial institution launched a blockchain-based KYC resolution in partnership with ICONLOOP in 2020 – changing into the primary to commercialize decentralized identification (DID) service for the monetary sector in Korea.
Whereas Shinhan Financial institution and different South Korean giants like Samsung have continued to push blockchain adoption, blockchain know-how and the cryptocurrencies it facilitates have confronted important regulatory pushback within the nation.
Cryptocurrencies have attained important notoriety in South Korea. Based on a Bloomberg report in August, cryptocurrencies have been the biggest contributors to unlawful overseas alternate transactions within the nation this yr. This has made regulators crack down laborious available on the market, whereas lawmakers are additionally engaged on broad laws to information the business.