to leave a comment.
Shinhan Card announced on the 30th that it has signed a strategic business agreement (MOU) with the global blockchain platform 'Solana Foundation' for stablecoin payment technology cooperation and the expansion of the Web3.0 payment ecosystem.
Based on the Proof of Concept (PoC) completed last year, both parties will conduct a more advanced PoC this year and jointly research the possibilities of commercialization in various fields.
Utilizing the Solana testnet, they plan to implement payment scenarios between customers and merchants and review the technical stability of the blockchain network. In particular, they plan to explore service utilization methods by checking user convenience from a customer's perspective.
In addition, they will further verify the stability of 'non-custodial wallets', an essential infrastructure of the Web3.0 ecosystem.
A non-custodial wallet is a method where users directly hold asset control and management rights, rather than entrusting assets to a third-party institution, allowing assets to be protected more independently from external security threats.
Shinhan Card plans to examine an environment that can stably operate such technology and secure user autonomy and security.
Furthermore, the development of a 'hybrid financial model' that combines the efficiency of traditional finance (TradFi) infrastructure and decentralized finance (DeFi) will also be newly promoted.
Shinhan Card will build its own DeFi service environment using oracle technology that securely connects real-world transaction information with the blockchain network.
Through this, the company aims to establish the technical foundation for a next-generation financial model by checking the execution stability of 'smart contracts' and system monitoring frameworks.
A smart contract is a technology that records pre-agreed contract terms as programming code on the blockchain, and when these conditions are met, the contract is automatically executed without a third-party intermediary.
Shinhan Card stated that it plans to continuously strengthen its Web3.0 capabilities based on the technological prowess secured through this joint research, and at the time when relevant institutional conditions are established, it will consider specific implementation plans such as the actual launch of services.
A Shinhan Card official said, "Through this agreement, we plan to meticulously verify the practical applicability of blockchain technology and proactively explore next-generation financial models." He added, "By combining Solana's infrastructure and Shinhan Card's know-how, we will do our best to introduce a safe and convenient payment environment in line with future revisions to relevant laws and regulations."
Newsletter
Get key news delivered to your email every morning
to leave a comment.