South Korean payment processing giant BC Card has made known it will be utilizing blockchain technology to better honor rewards.
The News.Asia, citing an article by Korean newspaper Chosun Ilbo, reported that BC Card will be settling reward points accounts using blockchain technology facilitated by KT Corporation.
BC Card, the largest payment processor in South Korea and the majority owner of the country’s second-largest telecom firm, KT Corporation, plans to use the latter’s blockchain platform to more efficiently handle rewards and the exchange of points.
KT’s blockchain, which is based on the open-source Hyperledger Fabric, will make the processing of reward orders for affinity partners, VIP points, and vouchers both faster and more secure. Rewards were previously handed out by BC Card manually, but it initiated an effort to upgrade the system earlier this year.
Using KT’s blockchain has halved processing times for rewards and points and has so far helped to reduce the instance of errors and duplications.
The Chosun Ilbo report also detailed BC Card’s plans for further implementation of distributed ledger technology (DLT). Having secured the requisite ledgers and partners for its latest blockchain integration, BC Card is now poised to continue adding innovations and augmenting its services and administration through the use of DLT.
A leading payment processor in South Korea, BC Card’s upgrade furthers the country’s rapid adoption of blockchain technology.
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