KEB Hana Bank, one of the largest commercial banks in South Korea has reached an agreement with the state-backed highway operator Korea Expressway Corporation to introduce a blockchain-based toll system on the country’s roads.
According to D Daily, expected that the project will start before the end of the year. The system connects the smartphone banking app from KEB Hana. Hana One Q so drivers can make their toll payments, defer them, or even get toll refunds.
The news indicates that both parties to the agreement have achieved an implementation of this blockchain solution They aim to eliminate cash or credit card payments, partly due to the COVID-19 pandemic, which is encouraging them to offer contactless payment solutions.
Korea Expressway Corporation and KEB Hana Bank want to exchange data using the blockchain in order to strengthen the synergies together with the payment system project.
Strengthen the introduction of contactless payments
Kwang-Ho Lee, Head of Sales at Korea Expressway Corporation, commented on this ad:
“We will continue to expand personalized non-contacted (contactless) services to the public by applying blockchain technology, which is part of the Korean version of the new digital agreements policy, to lead the post-coronavirus global economy.”
The Ministry of Science and ICT and the Korea Internet and Security Agency approved the agreement. KEB Hana too received approval for its blockchain mobile electronic verification program from the same agencies last year.
Recently, The South Korean government announced its intention to invest more than $ 48.2 billion in blockchain and other Industry 4.0 technologies by 2025. The goal of the nation is intended to promote the digitization of all industries in the next era after the pandemic.
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