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Shinhan Bank chooses to eliminate the risk of human error by supporting the ledger with Blockchain technology
Blockchain technology offers an immutable and transparent ledger that is slowly adapted around the world to meet the needs of different industries. South Korea has recently taken giant steps, especially in a new project hosted by South Korea's second largest commercial bank – Shinhan Bank. This bank decided to use blockchain in its internal system in an attempt to reduce errors that could be caused by workers.
The bank was working on integration that involves both cryptocurrency and blockchain for the last year and a half. During this time, they also provided a program to their staff that allows them to learn more about blockchain and potential use cases.
Based on a Korea Times report, the technology first took over the lender, instilling interest rate transactions (IRS) for the bank. With this new innovation, customer financial records will become automated and the potential for error will be reduced significantly. The implementation should make the whole system of the bank more efficient.
An unnamed official is quoted in the Korea Times, saying:
"Prior to the blockchain-based process, there were no standardized rules for maintaining and managing financial records, a reason why market participants had to rely on their own records, which often caused errors despite the requirement of cross-checking process The new system helps to remove such human errors and helps improve work efficiency through clearer, more activity-related communications rather than wasting time correcting errors. "
Shinhan Bank made some waves in the industry last year in November when they said they were trying to create encrypted portfolios to offer their consumers. The innovative step has become more common since then, as the collaborations and trials have seen blockchain technology become important parts of growth in their protocols.
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