Bank to issue Korea University ID card via blockchain
Hana Bank announced that it will be issuing Korea University’s student IDs using its blockchain 1Q Ledger. The blockchain technology will not only reduce the time it takes to issue student IDs from two weeks to two to three days but also allow the sharing and mutual verification of a student’s status in real time. The student’s ID also serves as a credit card and can be used for other services, such as borrowing books from library or checking their class attendance on the internet. Issuing students ID Hana Bank on Feb. 10 announced it will issue Korea University’s student ID based on its 1Q Ledger blockchain technology. In April 2019, the bank signed an agreement with the university for research into the sharing of data and content. They are also working together on the development of related services as well as the fostering of talent. The blockchain-based student ID is the first related development. Verification process now in real time The 1Q Ledger blockchain network allows participating institutions to share student data in real time. The blockchain platform, which confirms the authenticity of information, was developed by Hana Bank. According to the bank, previously when issuing credit cards, the status of each student had to be verified by hand. The process was complicated. But the blockchain-based decentralized ledger allows the student’s information to be shared and verified in real time. Hana Bank said it plans to extend the use of the 1Q Ledger.