1 August 2026
Highways In South Korea Will Have Blockchain Based Toll Payment System
South Korea's largest commercial bank KEB Hana Bank came up with the agreement with the state-backed highway operator, the Korea Expressway Corporation, to install blockchain-based toll payments systems across the nation’s highways.
As per the D Daily report, the project will be started before the end of the year. The blockchain-powered payment system will connect KEB Hana’s smartphone banking app, Hana One Q, for motorists to arrange their toll payments, defer them, or even receive toll fee refunds.
The KEB Hana Bank and Korea Expressway Corporation in partnership will apply blockchain solutions with the motive to eliminate cash-based or credit card payments, in part due to the ongoing global pandemic that encourages them to offer contactless solutions. The partnership will utilize the blockchain to share data to strengthen synergies along with the payment system project.
The head of the sales division at Korea Expressway Kwang-Ho Lee said they would continue to expand customized contactless services to the public by applying blockchain technology.
As previously reported, the government of South Korea is encouraging blockchain technology and conducting several proof-of-concept projects to find a way to connect blockchain to the current system. The governments all around the world are taking serious steps to implement blockchain technology during the ongoing global pandemic. Blockchain has been used in many sectors such as healthcare and logistics.
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