One in every of S Korea’s Greatest Card Issuers Launches Blockchain-powered platform to Assist Consumers Spot Faux Items

Supply: Daniel Bernard/Unsplash

Shinhan Card, South Korea’s largest bank card corporate and a world top-five bank card issuer, has introduced a blockchain-powered virtual guaranty carrier used to certify the authenticity of goods. 

South Korean information outlet Cash As of late has reported that the guaranty carrier is first coming to BGZT – a Seoul-based startup working a used items gross sales platform with which Shinhan Card signed a partnership to extend their strategic alliance on platform companies a couple of yr in the past. 

When shoppers acquire items from BGZT’s 3 retail outlets in Seoul, they may be able to scan a QR code at the bought product and obtain a virtual guaranty. They may be able to then test detailed data at the product on Shinhan’s pLay cell software, whether or not or now not the product was once bought with Shinhan Card’s credit score or debit playing cards. 

The carrier is predicted to checkmate the sale of faux items. The firms say they plan to promote 10,000 merchandise that may be qualified with the virtual guaranty carrier through the top of 2022. 

Shinhan Card says it’s going to extend the carrier through proceeding to signal partnerships with extra shops and producers within the nation. An organization spokesperson additionally mentioned that Shinhan Card will stay creating extra blockchain-backed services and products to be used in day by day existence. 

“We can build up the credibility of used merchandise through introducing extra protected blockchain applied sciences and providing higher buyer stories. We can stay creating various blockchain-backed cost services and products utilized in day by day existence through partnering with extra producers and shops,” the corporate legit mentioned. 

Blockchain adoption in South Korea gaining floor however nonetheless faces regulatory pushback  

The virtual guaranty carrier isn’t the primary blockchain-powered product corporations within the Shinhan Financial institution conglomerate have introduced. Again in 2020, Shinhan Card changed into the primary bank card issuer on the planet to download a patent for a blockchain-based cost gadget after to begin with saying its plans in 2019. 

In a similar fashion, Shinhan Financial institution introduced a blockchain-based KYC answer in partnership with ICONLOOP in 2020 – changing into the primary to commercialize decentralized id (DID) carrier for the monetary sector in Korea. 

Whilst Shinhan Financial institution and different South Korean giants like Samsung have endured to push blockchain adoption, blockchain era and the cryptocurrencies it facilitates have confronted important regulatory pushback within the nation. 

Cryptocurrencies have attained important notoriety in South Korea. In line with a Bloomberg document in August, cryptocurrencies had been the most important members to unlawful foreign currency echange transactions within the nation this yr. This has made regulators crack down exhausting in the marketplace, whilst lawmakers also are running on wide law to lead the trade. 

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