South Korea’s BC Card Is Utilizing KT’s Blockchain for Rewards Settlement
BC Card, the biggest funds processor in South Korea, says it’s utilizing blockchain know-how to settle rewards factors, in keeping with an Aug. 27 report within the Chosun Ilbo.
The underlying know-how is being offered by KT, the nation’s No. 2 telecom firm and majority proprietor of BC Card.
With a KT Hyperledger Material-based providing, BC Card is processing the ordering and exchanging of factors paid out by affinity companions, VIP factors and vouchers. Extra superior functions, such because the settlement of funds and the administration of paperwork, haven’t been achieved but.
BC Card had been dealing with the rewards manually however within the first half of 2019 it started to develop a blockchain software to do the work. It now shares the suitable ledgers with rewards companions in order that settlement may be automated and seamless.
The corporate says that an a variety of benefits have been achieved. Processing occasions have been diminished by 50 %, whereas errors have additionally been diminished. The article mentioned that the corporate plans to use blockchain applied sciences to further duties within the second half, although it didn’t present particulars on what they might be.
KT has been an energetic proponent of blockchain applied sciences and an early mover. The corporate, which counts NTT Docomo amongst its largest shareholders, introduced its personal blockchain community in July 2018. Final month, it was announced that it will be a part of a consortium – which incorporates Samsung Electronics, a lot of massive banks and the opposite telecom firms – making a blockchain-based system for digital identification.
The corporate is now particularly targeted on using blockchain over its new 5G community and launched its 5G-based GIGA Chain in April.
Korean monetary establishments are dashing to use blockchain applied sciences to client credit score. In July, Shinhan Card said that it had patented a blockchain system that enables for cardless credit score transactions. Earlier this month, the Woori Monetary Group said that it’s working with Floor X, Kakao’s public blockchain, and should use the know-how for Woori Card settlement.
Picture through BC Card