Shinhan Card patented payment blockchain system

The South Korean company Shinhan Card received a patent for the payment blockchain system and announced the launch of a credit transaction service using the blockchain.

In addition to making payments using credit funds, the new system allows you to set a limit on the number of transactions and monthly expenses. The system also allows you to pay for goods without using credit cards, which can be a threat to intermediary companies, such as payment gateways.

“Services using these key functions will be tied to the blockchain-based system. This will be a significant step forward compared to the existing market position when blockchain services restrict the use of cash or oblige users to authenticate themselves for online transactions, ”said the Shinhan Card representative.

Interestingly, the system will also allow for the realization of the “full integration” of smart home solutions into everyday life, while the owner’s funds will be relatively safe thanks to the established limits.

Note that last month the largest bank card operator Visa launched a blockchain-based payment service, but it is available only for corporate customers.