• Shinhan card developed a service that offers credit card facility based on blockchain technology.
  • The firm looks to expand patent to Europe, the US, Japan, China, Vietnam and Indonesia.

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.  


 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin BitMEX shorts liquidations explode as price climbs to $9,600

Bitcoin price rallied from levels under $9,200 to touch $9,600 barely a day after Goldman Sachs branded it a non-asset class. Investors around the world appear to be joining the market as though to spite one of the largest investment ...

More Bitcoin News

Ripple Price Analysis: XRP/USD charts bearish cross patten

XRP/USD continued its bullish domination as the price went up slightly from $0.1979 to  $0.1982. Presently, the price has peeked above the green Ichimoku cloud, while it has found resistance at ...

More Ripple News

ETH/USD breaks out into the $220 zone, will it be $230 or $210 next?

Ethereum price followed in the footsteps of the largest cryptocurrency by market capitalization, Bitcoin. BTC sprung upwards and for the first time in seven days, stepped above $9,600.

More Ethereum News

Tezos Price Analysis: XTZ breaks out of the triangle pattern on the hourly chart

Tezos has been trading higher on Thursday as most of the crypto majors trade in the black. The price recently converged into a triangle formation making lower high waves and higher low waves.

More Tezos News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls are nowhere to be seen

Bitcoin attempted a recovery towards $10,000 but ended up at $9,100. The first digital asset printed the second red candle on a weekly chart. It is an alarming signal for the long-term bull as BTC may be vulnerable to deeper losses.

Read the weekly forecast

BTC

ETH

XRP