South Korea's largest credit card company Shinhan Card has patented a blockchain-based payment system, The Korea Times reports.
Thus, Shinhan Card becomes the first company to establish a credit transaction service with the help of blockchain technology.
The new system includes such features as setting a max. spending limit, paying in monthly installments and providing payment transactions between merchants and clients.
Shinhan Card's official in an interview with The Korea Times said services using those key functions of credit cards will be extended to the blockchain-based system, a "notable advancement from the status quo whereby most blockchain-based services available are limited to cash wiring or user identification for online transactions."
"We obtained the patent about a year and a half after we initiated a feasibility study including technology reviews. We are seeking measures to make the patent valid in European countries, the U.S., Japan, China, Vietnam and Indonesia," Shinhan Card's representative added.
Previously iHodl reported that one of the largest South Korean telecommunications providers, KT Corporation, launched the development of its own cryptocurrency the "K-Token."
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