Categories: Bitcoin Business

Shinhan Card earns patent for blockchain credit system

Click here to view original web page at

On July 15, South Korea’s largest credit card company, Shinhan Card, announced that they had been granted a patent for a new blockchain-based payment system. This made the company the first to establish a credit card transaction service that exclusively uses blockchain technology as its foundation.

According to reports, the use of the technology and the development of the system will enable Shinhan Card to provide a wide variety of functionality. Users will be able to pay monthly installments, set monthly limits, and increases the efficiency and security to complete payments between customers and merchants.

According to company officials, the patent was approved about 18 months after Shinhan Card began a feasibility study examining exactly how effective the technology would be in providing the kind of functionality that was sought. The stated:

“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,” one official is quoted as saying.

The hope is that this technology will eventually lead to cardless transactions. This will allow customers to be able to make payments via an app to app transaction using their mobile devices. In fact, there is very little that the company does not believe is possible using this new technology.

This technology comes on the heels of a new platform developed by Shinhan Financial Group, the parent company to the Shinhan Card. In May, they unveiled a new blockchain-based platform that will quicken the loan process. This new platform quickens the process by easily verifying items necessary to approve credit lending, which includes the necessary documents and qualifications for borrowers.

It is now expected that Shinhan Card will look to expand its patent beyond South Korea. The company has already applied for patents across Europe, the United States, Japan, Vietnam, China, and Indonesia. The status of those patents is not known at this point, and how long it will take before final approval in these countries is approved is pure speculation at this point.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

Argo: New Agreement Signed to Expand Power Capacity by 357%

LONDON--(BUSINESS WIRE)-- Argo will also have an option to boost mining capacity by up to 1360 petahash (PH), or 1.36… Read More

56 mins ago

Legendary Investor Bashes ‘Psycho-Currency’ Bitcoin, Then Accidentally Makes Crypto Case

Mark Mobius, founding partner of Mobius Capital Partners claims bitcoin's emergence will further drive investors to gold. | Source: REUTERS/Francis… Read More

56 mins ago

Hitting This Key Area Could Trigger a Quick Bitcoin Price Boom

Bitcoin price is having a volatile week. | Source: Shutterstock By CCN Markets : Since August 15, in less than… Read More

56 mins ago

Online Blockchain Launches Cryptocurrency Subscription Service for New Coins and Tokens

- Innovative 'HODLbox' enables subscribers to exploit nascent cryptos - LONDON, Aug. 20, 2019 /PRNewswire/ -- Online Blockchain plc (… Read More

57 mins ago

Maharashtra to use blockchain technology to monitor services

Maharashtra , the second largest state in India, announced that they will be using blockchain technology in a wide variety… Read More

57 mins ago

People Who Want to Control Their Capital Buy Bitcoin, Says Circle CEO

Jeremy Allaire, CEO at cryptocurrency financial services company Circle, expressed his optimism in regards to Bitcoin ( BTC ) being… Read More

57 mins ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More