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The second commercial bank of South Korea, Shinhan Bank, has started a project to implement the blockchain in internal processes to reduce human error. The initiative was reported by the English-language newspaper The Korea Times on December 10th.
Shinhan, who has sought to integrate with the blockchain and cryptocurrency spheres over the past eighteen months, has also completed a staff training program to increase the knowledge of blockchain for various applications.
According to The Korea Times, the bank implemented interest rate swaps using the technology on November 30 in what is called a "first" for a South Korean lender.
Now, operations such as keeping financial records are destined to become automated, eliminating the possibility of human error and improving overall efficiency.
"Before the blockchain-based process, there were no standardized rules for maintaining and managing financial records, one reason that market participants had to rely on their own records that often caused errors despite the process requirement. of cross-checking, "the publication quotes an unnamed official as said, adding:
"The new system helps to remove such human errors and helps improve work efficiency through clearer and more activity-related communications rather than wasting time correcting mistakes."
Shinhan caused a sensation in November 2017 when he announced that he was working to offer his clients the cryptocurrency portfolios.
Since then, several partnerships and experiments have seen blockchain technology specifically aiming at the business frontline.
In August, Shinhan signed an agreement with KT Corporation, South Korea's largest telecommunications provider, in a move focused on providing blockchain-based financial services.
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