KEB Hana Banking company, one of the biggest commercial banks in Southward Korea, reached an agreement with the state-backed highway operator, the Korea Expressway Corporation, to bring blockchain-based toll payments system beyond the nation's highways.

Co-ordinate to D Daily, the project is expected to launch before the end of the year. The system will connect KEB Hana's smartphone banking app, Hana One Q, for motorists to arrange their price payments, defer them, or even receive toll fee refunds.

The report states that both parties involved in the deal reached to implement the blockchain solution aim to remove the greenbacks-based or credit card payments, in part due to the COVID-19 pandemic that encourages them to offer contactless solutions.

The Korea Expressway Corporation and KEB Hana Bank want to use blockchain to share data to strengthen synergies along with the payment system project.

Strengthening contactless payments' adoption

Kwang-Ho Lee, head of the sales division at Korea Motorway Corporation, commented on the announcement:

"We will go along to expand customized non-face-to-face (contactless) services to the public past applying blockchain technology, which is part of the Korean version of the digital new deal policy to lead the global economic system after the coronavirus."

The Ministry of Science and ICT and the Korea Internet & Security Agency canonical the deal. KEB Hana too got a nod for its blockchain mobile electronic verification program from the same agencies terminal year.

Recently, the Southward Korean government unveiled its intent to invest over $48.2 billion in Blockchain and other Industry 4.0 technologies by 2025. The nation's goal is to promote the digitization of all industries in the coming post-pandemic era.

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