A major bank in the Republic of Korea, KEB Hana Bank, will now be in charge of collecting toll fees on South Korea's highways. The bank would partner with Korea Expressway corporation to create a toll payment scheme that would be powered by blockchain on the country's highways.
The partners want to utilize the blockchain to distribute data and make collaborations stronger alongside the toll payments project.
D Daily revealed that the project partners look forward to commencing the scheme before 2020 runs out. The proposed toll fee system will be connected to the bank's mobile application, Hana One Q, for drivers to pay toll fees, reject them, or collect toll refunds.
The alliance between the two parties would see blockchain implementation in a bid to eliminate traditional card or cash transactions, partly due to the pandemic that inspires them to provide smart solutions.
The spokesperson for Korea Expressway, Kwang-Ho Lee, revealed that the corporation plans to develop contactless and smart services solutions for the masses by integrating blockchain technology.
Source: Cointelegraph
