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BC Card settling reward points with KT Blockchain

BC Card, South Korea’s largest payment processor is using KT Blockchain to settle reward points according to an August 27th Report.

KT is South Korea’s major owner of BC Card and the country’s number two telecom company.

“With a KT Hyperledger Fabric-based offering, BC Card is processing the ordering and exchanging of points paid out by affinity partners, VIP points and vouchers.” CoinDesk Report

Earlier, BC Card did the reward settlement manually. However, in the early of 2019, it began developing a blockchain-based app to handle the settlement.

The reward settlement is automated sharing the applicable ledgers with reward partners while facilitating a seamless settlement.

Open source Hyper ledger Fabric has reduced the processing time by 50 percent while maintaining less error and duplications. The local article at Chosun llbo mentions that the company is planning to use DLT in other tasks in the other half of the year but did not list out the details on what it might be.

However, advanced options such as payment settlements and document management option are not yet available right now. More advanced applications, such as the settlement of payments and management of documents, are also not available.

BC Card, one of South Korea’s largest payment processing giant’s advances the country’s expeditious adoption of blockchain technology.

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