Shinhan, one of the oldest and largest banks in South Korea, is using blockchain technology to speed up the approval process for loan products.
Specifically, the bank will use a blockchain platform to verify the items of proof required for credit lending, such as qualification or certification documents, Yonhap reported Monday.
Until now, customers had to submit these documents directly to the bank to undergo time-consuming manual verification of their authenticity, according to the report.
With the blockchain-based verification system, Shinhan is expecting to process these documents more quickly and at a lower cost.
The bank has reportedly already applied the technology to its "Shinhan Doctors" loan product, reducing the time taken to confirm whether a customer is a regular member of the Hospital Doctors' Council from two to three days to "Real time."
A Shinhan Bank official was quoted as saying in the report that the blockchain system is expected to boost the number of "Non-face-to-face" loan products processed and that the bank plans to expand the system to more products.
Founded in 1897, Shinhan has been exploring blockchain technology for some time now.
Last year, it trialed cross-border remittances for business customers using Ripple's blockchain technology.
As far as back in 2015, Shinhan invested around $427,000 in blockchain remittance startup Streami.
South Korea's Shinhan Bank Turns to Blockchain to Speed Up Loan Issuance
gepubliceerd op May 28, 2019
by Coindesk | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.