KEB Hana Bank & Korea Expressway to Facilitate Blockchain Powered Toll Payments
KEB Hana Bank, a leading commercial bank in South Korea, has entered into a deal with the Korea Expressway Corporation, a government aided highway firm, to introduce blockchain powered toll payment platform throughout the country’s highways.
As per D Daily, the venture is anticipated to roll out before the end of 2020. The platform will link KEB Hana’s smartphone banking app, Hana One Q, for drivers make toll payments, postpone them, or even get back refund of toll fee.
The news release further indicates that both the contracting parties have decided to employ blockchain technology to partially eliminate the cash based or credit card payments due to coronavirus outbreak that has inspired the creation of a contactless solution.
The Korea Expressway Corporation and KEB Hana Bank wish to utilize blockchain to disburse info to bolster synergies along with payment system venture. Kwang-Ho Lee, chief of sales division at Korea Expressway Corporation, appreciated the announcement:
“We will continue to expand customized non-face-to-face (contactless) services to the public by applying blockchain technology, which is part of the Korean version of the digital new deal policy to lead the global economy after the coronavirus.”
The deal has been endorsed by the Ministry of Science and ICT and the Korea Internet & Security Agency. Last year, KEB Hana also got approval for another venture, namely the blockchain powered mobile digital validation program.
Of late, the South Korean government disclosed its plan to pour in $48.20 billion in blockchain and other related technology (Industry 4.0) through 2025. The government’s objective is to foster digitization of all enterprises in the upcoming post-pandemic period.
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