Shinhan Bank to use blockchain in an effort to curtail human error; Abu Dhabi National Oil Company (ADNOC) to apply the technology to increase the efficiency of its operations; Busan, South Korea to build a blockchain-powered virtual power plant (VPP)
Blockchain technology continues to gain momentum. More and more use cases are planned for the technology, as well as for Distributed Ledger Technologies (DLT). Firms are seeing the advantages these technologies can bring such as its reliability and accuracy, transparency and efficiency, and use for idle resources.
Shinhan Bank’s Blockchain will Lessen Human Error
The project is headed by Wi Sung-ho, CEO of Shinhan Bank, in an effort to digitize the bank. The bank has integrated blockchain with its services and its internal protocol management. The project is intended to increase accuracy in managing financial information. Smart contracts are used to enhance the reliability of work products. On 30 November, the bank used blockchain to execute Interest Rate Swaps (IRS). This is the first instance a local financial institution implemented the technology for finance.
According to the bank, before the technology was implemented, a set of standardized rules were non-existent. This caused market participants to depend on their records where errors, even with cross-checking, are a possibility.
After the project is proven stable, it will be expanded to cover other departments.
Shinhan Bank is South Korea’s first bank and is currently one of the largest in the country.
ADNOC’s Blockchain Implementation for Increase Efficiency
Abu Dhabi’s state-owned oil company joins forces with IBM to launch a value chain management system on the blockchain. Through this system, transaction time will be reduced and the value chain made more efficient. Companies can ascertain the exact value of oil by utilizing the system with its enhanced ability to track oil molecules.
Abdul Nasser Al Mughairbi of ADNOC says the project is the first-ever blockchain application in the oil and gas business.
For transparency, data will be made available to investors and consumers in the future.
City in South Korea to Establish Blockchain-Powered Virtual Power Plant (VPP)
Busan, South Korea has a project centered on VPP, powered by blockchain and built on the participation of locals. The power plant will gather unused electricity from various energy sources from Busan factories, solar power plants, and public energy storage system (ESS).
The projects was jointly envisioned by Nuri Telecom, Pusan National University, Korea Industrial Complex Corporation, and Busan City Gas. 4 billion won (roughly 43.5 million) will be allocated by the government for the endeavor.