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BC Card, the largest payment processor in South Korea, is now using blockchain provided by KT to settle reward points accounts, according to media outlet Chosun Ilbo.
KT is the second-largest telecom firm in the country and majority-owned by BC Card.
As per the report, BC Card is implementing the KT's Hyperledger Fabric-based offering to ensure a secure process of orders and exchanges of points paid out by affinity partners, VIP points, and vouchers.
The latest initiative provides a more efficient system for BC Card since it has been handling rewards manually. It started developing blockchain application in the first half of 2019, and now, it shares the appropriate ledgers with rewards partners to conduct automated and seamless settlements.
According to the company, the latest move has resulted in reduced processing time by half, and error and duplication rates have also declined. More advanced applications, including payment settlement and document management, will also be offered, although these have not been completed yet.
Meanwhile, the report revealed that BC Card plans to integrate blockchain technologies to additional tasks for the remainder of the year and into the foreseeable future.
Just recently, the oldest bank in the country, Shinhan Bank, has formed a partnership with Kakao-backed financial tech startup Ground X and blockchain developer Hexlant to develop a private key management system for its banking service.
