BC Card, the largest payment processor in South Korea, has been announced that t is using blockchain technology for better honor rewards.

It has been reported that BC Card is going to be settled reward point accounts by using blockchain technology facilitated by KT Corporation.

Blockchain to Improve Efficiency of Rewards Redemption

BC Card, along with KT Corporation, the largest payment processor in South Korea and the majority owner of the country’s second-largest telecom firm, is planning to use KT’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, is going to make the processing of reward orders for affinity partners, VIP points, and vouchers both faster and more secure.

Likewise, BC Card had been managing the rewards manually, but in the first half of 2019, it started to develop a blockchain application to do the work. Now, it shares the appropriate ledgers with rewards partners so that settlement can be automated and smooth.

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The company says that a number of benefits have been achieved. Processing times have been declined by 50 percent, while errors have also been declined. The article said that the company is planning to apply blockchain technologies to additional tasks in the second half, though it did not provide details on what they may be.

KT Corporation

The company, which counts NTT Docomo amidst its largest shareholders, introduced its own blockchain network in July 2018. Last month, it was announced that it would be part of a consortium – which includes Samsung Electronics, a number of large banks and the other telecom companies – creating a blockchain-based system for digital identification.

The company is, now, basically focused on utilizing blockchain over its new 5G network and introduced its 5G-based GIGA Chain in April.

The Chosun Ilbo report elaborated 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 assured to continue adding innovations and extending its services and administration through the use of DLT

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