Cryptocurrencies

Blockchain-boosted Korean highways – Cryptocurrencies

The raison d’être of innovative technologies like blockchain is to provide applications that simplify our daily lives. If the examples in this area are legion, the blockchain has such a wide potential that some already known uses can be used in several fields. This is the case with this app coming straight from South Korea, where the technology is associated with the motorway toll system. The solution was implemented in the context of social distancing due to the Covid-19 pandemic where priority is given to contactless payments.


End of the era of cash or credit card payments at tolls

The KEB Hana Bank has just concluded an agreement with the country’s national operator of highways, namely the Korea Expressway to put in place a blockchain-based toll system. This system will be connected to the bank’s application, Hana One Q, so that motorists can pay toll charges directly. They may in particular organize their payments, even having the choice to defer them, and even receive reimbursement of expenses in some cases. As the bank is one of the largest in the country, the number of motorists among its customers is not negligible.

The current collaboration between the bank and the operator was born in part because of the Covid-19 pandemic. Indeed, one of the consequences of social distancing is the need to make contactless payments. That supposes abandonment of cash or credit card payments and use of the blockchain solution in this case. The Korea Expressway Corporation and the KEB Hana Bank also want to use blockchain to share data in order to strengthen their synergies as part of the implementation of this new payment system.

Strengthen adoption of contactless payments

This wish was expressed by Kwang-Ho Lee, the head of the sales division of the Korea Expressway Corporation, in his comments on the collaboration with KEB Hana Bank. ” We will continue to develop personalized (contactless) services for the public by applying blockchain technology, which is part of the Korean version of the digital New Deal policy to drive the world economy after the coronavirus ” did he declare. The solution proposed by the two institutions has already been approved by the Ministry of Science and ICT and the Korea Internet and Security Agency. The new system is expected to be launched before the end of the year pending the final technical adjustments.

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Like this project, it is South Korea whole who decided to promote the digitization of all industries in the post-pandemic era. His government has decided to invest nearly $ 50 billion in blockchain technologies for this purpose by 2025.

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