South Korea’s oldest bank, Shinhan Bank, has launched its nation-wide lending platform on blockchain, to speed up the loaning process, as reported by South Korean media outlet Yonhap on May 27th.





The new system now enables people to apply and receive loans online, without even interacting face to face with lending officers at the bank. The system intends to make the loaning process more efficient by eliminating the human element. The report suggests that this is one of the first initiatives of its kind in South Korean banking sector, and its success may see other banks coming up with their own lending platform.





The platform uses blockchain in the verification and confirmation processes. Currently, the banks don’t require employment certificate and income documents from the people applying directly; instead, the system utilizes the data obtained from the governmental departments and public corporations. However, the banks have to spend a considerable amount of time and resources to get these documents verified.

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