Shinhan Bank which happens to be one of the oldest banks in Korea is going to embrace blockchain. The firm has launched a Blockchain Loan System. Its aim is to speed up the procedure of lending money. This info sources back to a local news agency. Also, it’s being said that this bank is the first one to launch this system. The primary intention behind the project is to encourage cost and time efficiency.

The bank’s new Blockchain Loan System allows the users to register and operate in a network. They will make use of OTP which will allow easy access to the information required for approving loans.

One of the bank officials says that they want to provide remote services for clients. So, they are making use of Blockchain technology. This is not the first instance where the bank is using blockchain. Earlier they made use of the technology to reduce human error in internal processing. The firm also launched interest rate swap transactions based on blockchain.