Shinhan Card registered a Japanese patent for “ Blockchain Credit Payment System ”

Shinhan Card’s “blockchain-based credit card transaction system” has managed to register a Japanese after domestic patent.

Shinhan Card announced on the 24th that it has received a Japanese patent for its technology patent “ credit cryptocurrency generation device and credit cryptocurrency management device (hereinafter referred to as blockchain credit settlement system) ” which combines technology blockchain and payment with credit.

Shinhan Card was the first in the industry to implement the credit transaction process on the blockchain and in the financial sector it was only used for limited purposes such as remittance or personal authentication as a blockchain technology.

This patented technology is characterized by the implementation of the entire credit card transaction process through a chain of blocks, from issuing virtual currency through the credit limit to paying credit as lump sum and installment payments and settlement with affiliated stores. .

Using this patent, it is possible to design an efficient payment method that connects customers and affiliates directly, away from the current form of having a relay agency (VAN company, etc.) between affiliate stores and card companies for card payment. of credit.

In other words, if it is used for mobile payment, it is possible to connect the Shinhan PayFAN app used by customers and the real-time affiliate app based on a blockchain, allowing direct payment between applications without VAN or PG companies.