Two separate reports coming out of South Korea reaffirm the country’s status as a leader of cryptocurrency and blockchain adoption. The technology-renowned country has long been seen as a driver in the space and it seems as though that trend is continuing.
Whether you’ll be paying toll fees using blockchain technology, or paying for a ride on a jet-ski at one of South Korea’s most visited beaches, there’s no doubt that the country’s technology firms and administrators are looking to provide alternative payment options for people in the country.
The possibilities of blockchain technology are often touted to be endless but transport and logistic systems seem to be major areas where this is being made a reality.
As reported by Korean publication DDaily, Hana Bank has signed a business agreement with the Korea Expressway Corporation to launch a blockchain-based solution for the country’s highway toll system.
The agreement will see a non-payment and refund service created that is powered by Hana Bank’s smartphone banking application. The two companies will also collaborate to create a data linkage system using blockchain technology.
This will allow both companies to share service target information as well as toll processing results. The report suggests that road users will be able to use the service to pay for unpaid tolls through the Hana banking app within the next year.
Crypto-enabled tourist attractions
South Korea’s most popular tourist beaches are set to be powered by cryptocurrency payments according to a report from ZDNet Korea.
Haeundae Beach is one of the most popular beaches in South Korea, with its white sand beaches perched picturesquely in front of high-tech skyscrapers of Busan City.
BitBit Group will be responsible for setting up a pilot project to enable payments made with cryptocurrency for various activities in the Haeundae beach system.
Bitbit will be working with electronic payment company Innotek to manage the cryptocurrency-powered payments system being implemented. Tourists will be able to use ERC-20-powered MCI and WAY tokens being used in the pilot project.
Users will be able to make cryptocurrency payments for services by scanning a QR code with any cryptocurrency wallet that supports Ethereum. It means that users won’t have to install new cryptocurrency wallets in order to use the service, provided that their preferred app supports ETH.
A crypto and blockchain powerhouse
South Korea established itself as a powerhouse in the cryptocurrency and blockchain space in 2017, as Bitcoin powered its way to infamous all time highs. According to Skalex, the country had the highest cryptocurrency trading per capita during that year.
The country is renowned as an adopter and driver of cutting edge technology and it’s unsurpassed internet connectivity is another reason why South Koreans have taken to new technologies.
South Koreans went crypto crazy in 2017, which led to the ‘Kimchi Premium’ being attached to Bitcoin due to the price disparity of the cryptocurrency on South Korean exchanges compared to other areas around the world.