Shinhan Bank, Korea’s oldest bank, has launched a blockchain-enabled lending platform to hurry up the loan process, South Korean press agency Yonhap reports on May 27.

Shinhan Bank’s blockchain-powered loan system intends to spice up price and time efficiencies within the disposal method, reportedly enabling the general public to use for loans on-line and acquire their credits while not face-to-face interaction.

According to the report, the new system is that the initial initiative of its kind introduced in Asian nation.

Specifically, Shinhan Bank’s new disposal system applies blockchain technology within the verification and confirmation processes among the network of related establishments and banks. The system permits the parties to register and operate within the network using an encrypted one-time word, enabling simple and instant access to the info necessary for the approval and provision of loans.

A Shinhan Bank official reportedly same that the recent application of blockchain technology could be aa part of the institution’s tries to supply remote services for clients. He added that the bank can still develop innovations with remote access moreover as product to expand accessibility.

As the second-largest commercial bank in Asian nation, Shinhan Bank has been actively grip blockchain technology over the last year. In late 2019, the bank was rumored to be implementing blockchain in internal processes so as to cut back the risks of human error. Previously, the bank conjointly reportedly enforced rate of interest swap transactions based on blockchain.

Recently, a group of 4 banks have successfully issued a blockchain-based sort of a lawfully binding loan agreement referred to as a promissory note. The system reportedly reduced the steps necessary for provision the note by over 50th.

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