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Operator of toll roads in South Korea introduces new billing system on the blockchain
A major South Korean Bank, KEB Hana Bank, has entered into a partnership with the country's toll road operator, under which it will launch a blockchain-based payment and ride accounting system.
The Bank plans to launch the system by the end of this year. Drivers can use the "Hana One Q" app to pay their fares. At the same time, drivers will even be able to get a refund for travel. The introduction of a contactless payment system was a step towards avoiding paying with cash or credit cards to reduce the risk of COVID-19 infection.
Operator Korea Expressway Corporation and KEB Hana Bank will use blockchain to exchange data when paying for travel.
"We will continue to provide the population with contactless payment services without personal presence using distributed registry technology. This will be part of the new Korean digital space policy, which should help the country lead the world economy after the end of the pandemic"
Head of sales division of Korea Expressway Corporation || Kwang-Ho Lee
The deal between the Bank and the toll road operator has already been approved by the South Korean Ministry of science and the Internet and security Agency.