KEB Hana Bank, a leading commercial bank in South Korea, has entered into a deal with the Korea Expressway Corporation, a government-aided highway firm, to introduce a blockchain-powered toll payment platform throughout the country’s highways. The venture is anticipated to roll out before the end of 2020
According to a Korean-language news release published by D Daily, the platform will link KEB Hana’s smartphone banking app, Hana One Q, for drivers make toll payments, postpone them, or even get back refund of toll fee.
Both the contracting parties have also reportedly decided to employ blockchain technology to partially eliminate the cash and credit card payments, the coronavirus outbreak having inspired the creation of a contactless solution.
The deal has been endorsed by the Ministry of Science and ICT and the Korea Internet & Security Agency. Last year, KEB Hana also got approval for another venture, namely the blockchain powered mobile digital validation program.