The major South Korean credit card company Shinhan card finally patents its Blockchain payment solution. As the name suggests, this system will set the spending limits, enable payment in installments and payment processing. Apparently, the firm is the first one in the world to come up with such a credit transaction service.
Shinhan Card has been working hard on their system performing feasibility studies. It took them one year to patent their system. When this blockchain system will be functional, users can perform app-to-app transactions using their mobile devices.
This blockchain payment solution will aim to fully integrate electronic devices. Users can make payment requests via home appliances and automobiles. The spending amount can be set by the customer himself.
South Korea is currently one of the hotbeds for blockchain development & application. Previously, Shinhan Bank has come up with a blockchain loan system. Also, there are various hospitals in Korea that have integrated blockchain for various medical care applications.