Shinhan card wins a patent for blockchain payment system

One of South Korea's top credit card companies, Shinhan Card has received a patent for a blockchain payment system. According to a report by the Korea Times, the credit card company's associate said that they had developed a "world-first" service based on the blockchain technology. It will offer credit card services, including perks such as setting a limit, making monthly installments and payments to retailers. 

Times reported a statement made by an official:

"Services using those key functions of credit cards will be extended to the blockchain-based system, a notable advancement from the status quo whereby most of the blockchain-based services available are limited to cash wiring or user identification for online transactions."

As per the same report, this new patent will enable the firm to offer cardless credit transactions that would be done using apps on mobile devices. The official added: 

"We obtained the patent about a year and a half after we initiated a feasibility study including technology reviews." 

Here's an overview of the invention as per the patent filing on the website of the Korea Intellectual Property Rights Information Service (Kipris): 

"A blockchain generating unit for generating a blockchain including a virtual currency generated according to a credit limit of a consumer and updating the blockchain according to payment details, and a transaction generating unit for storing transaction conditions corresponding to each of the plurality of accounts and for making settlement using the blockchain according to the transaction conditions." 

Shinhan Card is planning to expand the credit patent to the US, Europe, Japan, China, Vietnam and Indonesia.