Shinhan Card, Issuers Launches Blockchain-powered platform
On September 13, South Korea's major credit card firm and a global top-five credit card issuer, Shinhan Card launched a blockchain-powered digital warranty service used to certify the authenticity of products.
South Korean news outlet Money Today has reported that the warranty service is first coming to BGZT, a Seoul-based startup operating a used goods sales platform, enabling customers to use the service at BGZT's offline stores with which Shinhan Card signed a joint venture to extend their strategic alliance on platform businesses last year. Shinhan Card said it would grow the service by continuing to sign partnerships with manufacturers & retailers here.
To buy goods from BGZT's three stores in Seoul, customers need to scan a QR code on the bought item and receive a digital warranty.
The customers can then check detailed information on the product on Shinhan's play mobile application, whether or not the item was bought with Shinhan Card's debit or credit cards.
The service is supposed to checkmate the sale of fake goods. The organizations say they intend to sell 10,000 items that can be certified with the digital warranty service by the end of this year.
Shinhan Card says it will help to expand the service by continuing to sign partnerships with more retailers and manufacturers in South Korea. A company spokesperson also stated that Shinhan Card will continue to foster more blockchain-backed services for use in everyday life.
"We will increase the credibility of used products by introducing more secure blockchain technologies and offering better customer experiences. We will keep developing diverse blockchain-backed payment services used in day-to-day life by partnering with more manufacturers and retailers," the company official said.
CBW - External Analyst