South Korea’s oldest bank launches blockchain lending platform

South Korea’s oldest bank, the Shinhan Bank has recently launched a lending platform based on blockchain make the processing of loans simpler. This makes them the first bank of its kind to integrate blockchain technology to its internal processes to minimize human errors. Local news agency Yonhap reported on May 27 that the bank initiated the decade-old technology for verifying necessary documents of the applicants as a part of the KYC process without any face to face interaction.

The bank aims at boosting cost and timeline efficiencies while granting loans. The report also tells that the bank has included all its affiliated institutions and banks within the blockchain network who can access the data using a one-time encrypted password. A spokesperson from the bank stated that their motive is to boost remote access to its services and they will keep delivering such customer-faced products.