South Korean Shinhan Bank Weighs Blockchain for Reducing Human Errors
Cryptovest
Published Dec 10, 2018 12:39PM ET
Updated Dec 10, 2018 01:41PM ET
South Korean Shinhan Bank Weighs Blockchain for Reducing Human Errors
Shinhan Bank, a leading South Korean bank, has begun a process of implementing blockchain solutions in its daily working process, local media reported on Monday. The project is part of a broader plan aiming to integrate new technologies with traditional financial services systems.
Shinhan Bank decided to use distributed ledger technology (DLT) in its internal protocols and systems due to blockchain’s capability to track all activities. On the one hand, DLT-driven solutions can improve transparency and trust issues while also implementing a package of standardized rules in managing financial records and thus delivering working efficiency on the other hand, a bank official told the Korean Times newspaper.
“Prior to the blockchain-based process, there had been no standardized rules governing the keeping and managing of financial records, a reason wh...
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