Blockchain technology in banking has made a huge impact in this year, as many world leading banks have begun accepting this future technology in their several departments for various customer services. In the race of blockchain adoption, South Korea, in particular, has made quick decision proactively foreseeing the benefits of this technology. Their biggest blockchain acceptance has come through the largest bank Shinhan which has started with blockchain education and consulting along with commercialized services.
Shinhan until now has trained its 400 employees with blockchain technology basics and their applications in the banking sector. In addition to this, they have also initiated a blockchain-based Interest Rate Swap (IRS) transaction which is developed by the Blockchain Lab unit of the bank. The bank authorities are also in conversation with the government agencies for the expansion of their blockchain operations in the various fields of investment and foreign exchange.
The South Korean bank has been a keen admirer of both blockchain and cryptocurrency, therefore the bank has previously facilitated Korbit cryptocurrency exchange users to avail their bank services for the trade. However, the South Korean government has issued an advisory and guidelines which has to be followed by financial institutions for crypto trade services, as mentioned by Crypto News. The blockchain technology in banking has proved to be one of the rapidly growing platforms of this technology.
What Makes South Korea So Enthusiastic About Blockchain Technology
According to Coin Rivet, the younger population of South Korea has played a vital role in the acceptance of blockchain within their economy. They are generously interested in crypto trade which is the actual origin platform of the blockchain. Also, the major corporation of the world like Microsoft and Samsung are already working on the deployment of blockchain in their domains. Perhaps, that is the reason why the government has tripled their budgets for several blockchain projects. As per the experts, the blockchain technology in banking is likely to get the maximum benefit in the upcoming times.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]