Hana Bank & KEC to use blockchain to collect toll fees in South Korea

Hana Bank and Korea Expressway Corporation will work together to use blockchain technology to collect toll and unpaid fees in South Korea.

By · Aug 6, 2020 . 4min read

Hana bank South Korea to use blockchain

Hana Bank, the 5th largest bank in South Korea, has announced that it will work with the Korea Expressway Corporation on a blockchain project.

Korea Expressway Corporation is a government-owned enterprise. It has completed some of the most significant road projects in the country. It will work with Hana Bank to use blockchain technology in toll collection. Individuals will be able to pay toll fees and complete other unpaid payments by downloading the Hana One Q app. All they have to do is enter their vehicles registration number into the app, and they can start using the service. The two will also use blockchain for data sharing purposes and targeted services.

South Korean banks have been deeply involved in cryptocurrencies off late. Chainlink announced last week that four major banks would be sharing their forex data with them through the Center Prime blockchain. The banks agreed to this with a vision to enhance their decentralised finance functionalities.

South Korea itself has been quite favourable to the crypto space. The government passed a law last month that defined crypto assets within the country’s tax framework. Crypto assets will be subject to capital gains tax. Individuals will have to pay 20% of their gains on these assets as taxes.

Earlier in the year in March, the country passed one the worlds most comprehensive cryptocurrency laws. More than a third of the country’s active investors were active in the crypto space back in 2017. Moreover, the country is amongst one of the few to have seen widespread adoption of cryptocurrency.

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