On December 10, this new blockchain project initiative was out by a daily news outlet familiar as “The Korea Times”. Shinhan works with an integration of blockchain and cryptocurrency spheres since around 18 months. The firm also accomplishes a staff training program for enhancing knowledge about blockchain usage in numerous applications.
According to the news, back on November 30, the bank enacts interest rate swap transactions via the technology. The bank calls it as “initial” for a South Korean lender. Currently, operations like financial record-keeping are under focus to form automation. This will exclude the chances of human mistakes and improve overall efficiency. Moreover, the publication quotes,
Prior to the blockchain-based process, there had been no standardized rules governing keeping and managing financial records, a reason why market participants had to rely on their own records which often times led to errors despite the cross-checking process requirement
Moreover, this new project will help minimize human errors and make it clear, instead of wasting time on re-settling mistakes. Also, Shinhan causes a fuss back in November 2017 revealing its work on providing its client’s cryptocurrency wallets. Right from the time, many partnerships and trials are observing blockchain technology that is making its way into an overall business.
Give thumbs up if you enjoyed reading the article! If you want us to cover any more topics comment below.