South Korea’s largest credit card company acquires blockchain patent

South Korea's largest credit card company acquires blockchain patent

Blockchain Mobile ID system on the way in South Korea

South Korea’s largest credit card company, Shinhan Card, has obtained a patent for a blockchain payment system. This was reported by The Korea Times in an article today on July 15.

The article describes that the company has developed new processes for making payments, paying monthly costs and setting spending limits. These new processes would be powered by blockchain technology.

The Korea Times quote in their article an anonymous employee of Shinhan Card:

Services using the key functions of credit cards will be extended to the blockchain-based system; a noticeable progress compared to the status quo whereby most blockchain-based services are limited to money transactions or user identification in online transactions.

This development would make a number of third parties superfluous. For example, credit card companies, payment providers and value-added network service providers would no longer be needed. The latter parties connect credit card companies and participating stores to subsequently verify credit card transactions

The anonymous source also says that the company obtained the patent one and a half years after it had conducted a feasibility study and that there are also plans to apply for the same patent in America, Japan, China, Vietnam, Indonesia and in European countries. Furthermore, the blockchain system would also allow transactions via a mobile app.

About Viktor Sokolov 163 Articles
Nerd, entrepreneur & coffee aficionado. Believes that blockchain infrastructure and bitcoin will be the money system of the coming decades. Trying to make visible what this means for technology, economy, companies and societies.

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