BC Card (CEO Lee Moon Hwan) worked with KT to apply blockchain technology to settlement process for the first time in the industry. In the future, more accurate and rapid settlement of costs with partners is expected to provide advanced alliance services to customers.

Partners settlement process is a process in which corporate and VIP customers order partners gift certificates or exchange vouchers with points, settling the costs required to process those orders with partners. Previously, employees handled it manually.

BC Card applied blockchain technology called 'KT GiGA Chain' developed by KT under ‘Hyperledger Fabric’ during first half of this year to 3 settlement tasks such as ▲corporate customer point ▲VIP customer gift and voucher. Based on blockchain technology, BC Card standardized settlement data and shared the same data ledger as partners, also automated settlement operations.

Thanks to this, BC Card reduced the process of presenting various data and reduced the period of receiving corporate customer gift certificates and VIP customer vouchers by up to 50 percent, increasing the efficiency of its work. It also eliminated various errors and redundancies that could occur in the settlement process to improve work stability and minimize inconvenience to card customers and partners.

BC Card plans to standardize the blockchain-based settlement process within the second half to obtain generosity and apply it to a wider variety of tasks.

Lee Gang Hyuk, a head of business service group in BC Card Said that "blockchain technology will allow us to more closely handle the settlement of partners," and "in the future, we will provide differentiated payment services for both customers and customers through constant technology development."

Yoo Yong-Kyu, a head of KT Blockchain Biz Center, said that "This is the first time KT has applied blockchain to financial industries that require high transparency and security." and "In the future, KT will support more companies to strengthen their competitiveness based on its superior blockchain technology."