Shinhan Bank of Korea launched Blockchain Platform for Loan services


The oldest bank of Korea, Shinhan Bank launched the blockchain based platform to speed up and secure the loan services reported on 27 May 2019.

According to the report, the users of Shinhan Bank of Korea are now able to get non-face-to-face loans online through blockchain based lending platform by verifying their proof of documents.

This is the first time happened in Korea where blockchain technology used for this kind of service.

Basically, in this blockchain based loan system, the affiliated institutions and banks register and inquire a kind of encrypted one-time password (OTP) information through blockchain technology that makes the process very fast and easy, also makes the introduction cost lower.

As the Shinhan Bank is the second largest bank of Korea, It widely attracts the people of Korea and other large corporations towards the use of Blockchain Technology.

One week ago, the Biggest company of the world, Microsoft to launch Decentralized Identity Tool over the Bitcoin Blockchain system

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