South Korea’s Largest Payment Processor To Use KT’s Blockchain To Settle Rewards
The largest payment processor company in South Korea, BC Card, has recently started a new partnership with KT, the second-largest telecom company of the country. With this new partnership, KT is set to use its Hyperledger Fabric technology to create a new rewards settlement system for the other company.
According to the press release, the blockchain will be used to process the orders to exchange the rewards used by the company. For instance, vouchers, affinity partner points, VIP points and other prizes.
Until now, BC Card was handling all these rewards in a manual way. The idea of using the blockchain is to be able to do it faster started this year and several improvements were made since then. In fact, this is a trend that most companies in the region are following. The blockchain provides several options and upgrades, so there is no reason not to use it.
For instance, with the current improvements, the processing times of these activities were reduced by 50% and the number of errors was also considerably reduced as well.
It was also reported that the company is looking to develop other blockchain-related activities, but they may take some time to be started.
KT was a good choice as a partner because the company was one of the early adopters of the blockchain in South Korea. It uses it for around a year and it is part of a consortium created by Samsung Electronics to create blockchain solutions that can be used in digital identification systems.