Large South Korean bank KEB Hana Bank has entered into a partnership with a toll road operator in the country, under which it will launch a blockchain-based payment and accounting system.
The bank plans to launch the system by the end of this year. Drivers will be able to use the Hana One Q app to pay for the fare. In this case, drivers will even be able to receive a refund for the trip. The introduction of a contactless payment system was a step towards eliminating cash or credit card payments to reduce the risk of contracting COVID-19.
Operator Korea Expressway Corporation and KEB Hana Bank will use blockchain to exchange data when paying for fares.
“We will continue to provide people with contactless payment services without personal presence using distributed ledger technology. This will be part of Korea’s new digital space policy, which should help the country to lead the global economy after the pandemic ends, ”said Kwang-Ho Lee, head of sales at Korea Expressway Corporation.
The deal between the bank and the toll road operator has already been approved by the South Korean Ministry of Science and the Internet and Security Agency.
Earlier it was reported that the South Korean authorities will develop a blockchain-based system for anonymous storage and analysis of clinical data of patients with diabetes.