KT to commercialize blockchain-based unmanned currency exchange
KT has teamed up with the Industrial Bank of Korea (IBK) and Bellsoft to work create an unmanned currency exchange service that enables users to reserve services online. Bellsoft is a fintech company that specializes in foreign exchange services. What is an unmanned currency exchange service? After applying for an exchange service on the bank’s website or app, users can withdraw cash from kiosks that are installed at public locations like subway stations, shopping malls and major hotels. Since the kiosks are operated at all hours of the day, there is no time constraint. Users can also enjoy favorable exchange rates. Blocking errors using blockchain KT, IBK and Bellsoft have rolled out the service via IBK 1st Lab, an open innovation test bed. The commercialization of the service is scheduled for next year. To make that happen, KT developed a foreign exchange platform that enables data to be exchanged between IBK’s internal exchange system and Bellsoft’s unmanned foreign exchange device. KT applied smart contract technology to the platform, making it possible to settle balances in real time and prevent double payment, forgery and data errors. Expanding the service to specialized and savings banks KT expects the unmanned exchange service to help specialized banks, savings banks and banks in rural areas that have difficulty offering exchange services at all hours of the day. KT and Bellsoft plan to actively expand the service to banks other than IBK. They also plan to expand the service to different services like adopting transaction services in collaboration with unmanned exchange device operators overseas. “Starting with IBK’s unmanned exchange service, we plan to prove the excellence of the KT blockchain platform in diverse fields of finance,” said Yoo Yong-kyu, head of the blockchain biz center at KT.