South Korea’s Busan Bank launches blockchain-based wallet, Digital Voucher

South Korea's Busan Bank is exploring the decentralized ledger technology as it launched e-wallet layered on the blockchain, which it calls "Digital Voucher."

By · Oct 31, 2020 . 6min read

Busan Bank launches blockchain wallet news

Busan Bank in South Korea is exploring the vast opportunities in decentralized ledger technology as it has just launched an electronic wallet layered on the blockchain which it calls “Digital Voucher”.

According to a local news publication, Busan bank developed its latest e-wallet for both the public and private sector as well as stand-alone consumers in mind. Digital Voucher allows users to easily manage payment methods such as conventional transfers, remittance and allowance payments in a distributed manner.

As earlier mentioned, public sector institutions using the electronic wallet can issue public subsidies with Digital Voucher. As for private sector companies, they can employ the blockchain-based electronic wallet to issue employee welfare points for their staff.

Evidently, decentralized ledger technology amidst its varied applications promotes radical transparency. Besides that, blockchain makes interconnectivity and data sharing very easy and tamper-proof as well. Busan bank makes it possible for stakeholders to set rules with the development of Digital Voucher. For instance, rules such as user, usage location and periods set, all done transparently.

In line with best practices in fintech, users can scan QR codes, make payment using the app and Digital Voucher. Busan Bank plans on opening up the solution to foreign users before the end of the year. Their emphasis is on getting aboard younger people without a bank account as well as attracting inward remittances.

Speaking on this, one of Busan Bank’s official said that the product would “support local merchants”. It will also” contribute to the efficiency of local government policy budget and administration”.

Busan Bank’s Digital Voucher is just one among the significant powers of blockchain that banks can tap into

Most legacy financial institutions had to rethink their business models and embrace the latest technologies. For instance, earlier this week, an undisclosed user from Xapo sent in a near-instant over a billion dollar in bitcoin. And the interesting part of that news was the measly fees which the transfer initiator incurred. It was just $3.54. Most banks asides from crippling restrictions would charge outrageous sums in fees to facilitate such transfer.

But with blockchain technology, such transactions can be sent and received without much of a hassle in time and also fees. Besides, there is transparency in how the funds move, which cannot be altered once registered on the blockchain.

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