Shinhan Bank a South Korean Bank has announced its implementation of Blockchain Technology to enable Blockchain powered loans and help solve delayed loan application and disbursement.
The Bank said its Blockchain implementation is to tackle the issue of delayed processing of online loan application. Usually all files uploaded are checked manually and can take many working days before they are finally passed. This process they say can be automated with Blockchain technology for instant processing without the constraint of having to be in working days.
The bank also noted that the technology already has a working case in its Shinhan Doctor Loan product which is a loan available for medical professionals. This was released last year.