South Korea’s second-largest Financial institution ‘Shinhan Bank’, has started a project to implement blockchain in its internal processes to decrease human error. The initiative was ‘reported‘ today by a native news outlet named ‘The Korea Times’.
Shinhan, that has soughted integration with both the blockchain and cryptocurrency phase over the past 18 months, additionally also completed a workers educational program to extend their information of blockchain for a numerous applications.
In line with ‘The Korea Times’, the bank has implemented rate swap transactions employing the technology earlier on 30th Nov., this year in what it known as a ‘First’ for a South Korean ‘investor‘.
Now, operations like monetary record-keeping are set to become automatic, removing the possibilities of human-based mistakes and enhancing overall potency.
“Prior to the blockchain-based method, there had been no standardized rules used by the govt. for keeping and managing the financial records, a reason why market participants had to place confidence in their own records which sometimes often led to some errors despite the re-checking process,” the publication additionally ‘stated‘:
“The new system helps in removing away any such human errors and helps improve work potency through clearer, task-related communications instead of trifling on correcting mistakes.”
Shinhan caused a stir in Nov. 2017, once it declared it had been working on providing its customers with cryptocurrency wallets.
Since then, many partnerships and trials have seen blockchain technology specifically build to forefront the business.
Even in Aug., Shinhan signed a ‘MoU‘ with the South Korea’s largest telecoms provider named ‘KT Corp.’ in its very move to target around provision of blockchain-based monetary services.