Korea’s oldest bank, Shinhan Bank, has initiated a blockchain-enabled lending platform to speed up the loan process, South Korean news agency Yonhap reported yesterday. Shinhan Bank’s blockchain-powered lend system intends to boost cost and time efficiencies in the lending process, reportedly enabling the public to apply for loans online and get their rely ons without face-to-face interaction.
Specifically, Shinhan Bank’s new lending system applies blockchain technology in the verification and confirmation treats within the network of affiliated institutions and banks. The system allows the parties to register and operate in the network using an encrypted one-time open sesame, enabling easy and instant access to the data necessary for the approval and issuance of loans.