ShinhanCard Integrates OmiseGO (OMG) Solution to Improve Transactions
ShinhanCard recently completed and validated a transaction on the OmiseGO blockchain. The ShinhanCard performed a small transaction on the plasma side-chain. The transaction was then confirmed by the OmiseGO network. The process involved the sending of a few tokens to a sample digital wallet.
According to the management of the ShinhanCard, the demonstration proved the capabilities of the plasma solution. Plasma is expected to increase the affordability and efficiency of transactions on blockchain networks.
Plasma was developed to assist with scaling in the Ethereum blockchain. It works by processing transactions off the main network. This eases the load on the blockchain, enabling it to scale efficiently.
As a product of the MoU signed in April last year with OmiseGO, Shinhancard demonstrates a cross-border PoC with the aim to expand the acceptance of ShinhanCard’s loyalty program to international markets & enable borderless interoperability. Read more at:https://t.co/nyfFmCB8tK
— OmiseGO (@omise_go) January 28, 2019
The demonstration mentioned above is the most significant achievement made by OmiseGo and ShinhanCard since the two companies announced a partnership in March 2017. Under this deal, ShinhanCard will use the OmiseGO to expand its global reach. ShinhanCard is affiliated to a major banking institution in South Korea.
ShinhanCard runs a hugely popular loyalty rewards scheme known as ShinhanPay FAN. The integration of OmiseGO will enable ShinhanPay users to seamlessly transfer points to other users in the blockchain platform. It also means that the loyalty points will be acceptable by all merchants registered with the OmiseGO network.
OmiseGO is a blockchain platform based on the Ethereum protocol. Its objective is to provide banking services at an affordable rate to populations that are overlooked by conventional financial institutions. OMG is the native token of the OmiseGo blockchain ecosystem.
So far, the OmiseGo solution has been implemented in several real-world applications. Last year, a Singaporean taxi service proposed the use of OmiseGo blockchain for tracking the locational data of their clients. Also, the Plasma Dog blockchain game is based on OmiseGo.
As per Vansa Chatikavanij, a senior executive at OmiseGO, the partnership with ShinhanCard is a sign of the good things that are yet to come.