Shinhan Card Launches Blockchain-powered Platform To Checkmate The Sale Of Fake Goods

Shinhan Card, South Korea’s largest credit card provider, and a global top-five credit card issuer, has introduced a blockchain-powered digital warranty service for certifying product authenticity.

According to South Korean news site Money Today, the warranty service will first be available to BGZT, a Seoul-based startup that operates a used goods sales platform and with which Shinhan Card struck a partnership to develop their strategic alliance on platform companies approximately a year ago.

Customers who shop at BGZT’s three Seoul locations can scan a QR code on the purchased item to obtain a digital warranty.

They may then examine comprehensive product details on Shinhan’s pLay mobile application, regardless of whether the product was purchased using a Shinhan Card credit or debit card.

The service is supposed to put a stop to the selling of counterfeit products. By the end of 2022, the firms want to have sold 10,000 goods that can be certified with the digital warranty service.

Shinhan Card plans to extend the service by forming new collaborations with additional stores and manufacturers around the country. A Shinhan Card spokeswoman also claimed that the firm will continue to create blockchain-based 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. 

The digital warranty service is not the first blockchain-powered product introduced by Shinhan Bank‘s subsidiaries. After first declaring its aspirations in 2019, Shinhan Card became the world’s first credit card issuer to receive a patent for a blockchain-based payment system in 2020.

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