Shinhan Bank, the second-largest commercial bank of South Korea has initiated a project to implement blockchain technology in its internal process to minimize the human error according to The Korea Times, an English-language daily on December 10.
Shinhan Bank was seeking integration with cryptocurrency and blockchain sector since the last eighteen months. In the process, they completed a training programme for its staff to increase the knowledge of this sector for multiple applications.
Reportedly the bank implemented the feature of interest rate swap transaction using on November 30 using the technology which is said to be the “first” for a lender based in South Korea.
Implementing the technology has made the process of record-keeping automated, eliminating the errors of human depended system.
The report quotes an unnamed official saying, “Prior to the blockchain-based process, there had been no standardized rules governing keeping and managing financial records, a reason why market participants had to rely on their own records which often times led to errors despite the cross-checking process requirement,” adding, “The new system helps remove such human errors and helps improve work efficiency through clearer, task-related communications rather than wasting time on correcting mistakes.”
Shinhan Bank made headlines last year November when it announced that it was working towards offering its clients cryptocurrency wallets.
Following this, various partnership and trails have seen blockchain technology primarily making its way to the front line of the business.
Last August., the bank signed a deal with the KT Corporation, South Korea’s largest telecom provider in movement catered around the provision of blockchain based financial services.