Last updated on August 26th, 2022 at 04:03 pm
South Africa is working on a blockchain-powered highways toll payments, report from the country has said it’s due for launch before the end of 2020.
It’s gathered that KEB Hana Bank, one of the biggest commercial institutions in the country has partnered with the Korea Expressway Corporation for the design and launch of the blockchain-based toll system.
The bank reached an agreement with the state-backed highway operator, the Korea Expressway Corporation, to bring blockchain-based toll payments system across the nation’s highways, D Daily reported.
The project is expected to launch before the end of 2020 which would see the system connect KEB Hana’s smartphone banking app, Hana One Q, for motorists to arrange their toll payments, defer them, or even receive toll fee refunds, report cited on cointelegraph said.
Aimed at removing cash-based payment
The South Korean blockchain-powered highways toll payments is aimed at eliminating the cash-based or credit card payments, in part due to the COVID-19 pandemic that encourages social distancing and contactless solutions.
The two organisations aim to use blockchain to share data to strengthen synergies along with the payment system project.
Commenting on the new innovation, the head of the sales division at Korea Expressway Corporation Kwang-Ho Lee was quoted as saying, “We will continue to expand customized non-face-to-face (contactless) services to the public by applying blockchain technology, which is part of the Korean version of the digital new deal policy to lead the global economy after the coronavirus.”
The deal has already received the nod of the government, the Ministry of Science and ICT and the Korea Internet & Security Agency approved the deal on behalf of the government.
Recall that KEB Hana also got an approval for its blockchain mobile electronic verification program from the same agencies in 2019
Lately, the South Korean government unveiled its intent to invest over $48.2 billion in Blockchain and other Industry 4.0 technologies by 2025.
South Korea is one of the hub centres of cryptocurrency and blochain in the world. It stepped up promotion of crypto-enabled payment during the COVID-19 pandemic and also promised to launch a massive campaign in the coming post-pandemic era.