The adoption of blockchain technology is significantly growing. Many industries can benefit from this technology. As Wallebi reported previously, most industries including healthcare, insurance, food, automotive, charity, etc. employed blockchain technology. In fact, it benefits all those industries by providing an immune and transparent platform. The companies and firms can trace their product or any other information quickly on the blockchain. Furthermore, they can store and manage data on a secure platform and can make sure that nobody can make any changes or manipulate the data. Recently, South Korea employed blockchain technology for toll payment system. In other words, blockchain powers toll payment in South Korea.
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South Korean employs blockchain for toll payment
The South Korea Express Corporation is collaborating with one of the biggest commercial banks on a mutual blockchain project. The aim is to create a blockchain-based toll system in South Korea. In other words, blockchain powers toll payment in South Korea.
KEB Hana Bank is one of the biggest commercial banks in South Korea. Recently, they made an agreement with state-backed highway operator. The agreement is about to employ blockchain technology for toll payment. In fact, they planned to bring blockchain-based toll payment system across South Korea highways.
The developers expected that the project will be launched before the end of 2020. By applying this project, people can pay tolls by using KEB Hans’s mobile app or Hana One Q app. They can pay for tolls, defer it or even get toll free refunds.
In fact, the COVID-19 pandemic made an urge to implement this technology. By using the mobile app to pay for tolls, the cash-based and credit card payments will be removed from the process. As a result, it brings contactless solution to this section, which is necessary during COVID-19 pandemic.
Furthermore, the South Korean government revealed that they are going to invest over $48.2 billion in blockchain based technology until 2025. In fact, the government aim to promote the digitization of all industries in South Korea.