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Shinhan Card announced on the 30th that it has signed a strategic business agreement (MOU) with the global blockchain platform 'Solana Foundation' for stablecoin payment technology cooperation and the expansion of the Web3.0 payment ecosystem.
Based on the Proof of Concept (PoC) completed last year, both parties will conduct a more advanced PoC this year and jointly research the possibility of commercialization in various fields.
They plan to implement payment scenarios between customers and merchants using the Solana testnet and review the technical stability of the blockchain network. In particular, they plan to explore service utilization methods by checking user convenience from the customer's perspective.
In addition, they will verify additional security for 'non-custodial wallets', which are essential infrastructure for the Web3.0 ecosystem.
A non-custodial wallet is a method where users directly hold asset control and management rights, rather than entrusting assets to a third-party institution, allowing assets to be protected more independently from external security threats.
Shinhan Card plans to examine an environment where such technology can be operated stably and secure user autonomy and security.
Furthermore, they will newly pursue the development of a 'hybrid financial model' that combines the efficiency of traditional finance (TradFi) infrastructure and decentralized finance (DeFi).
They will build Shinhan Card's own DeFi service environment using oracle technology, which securely connects real-world transaction information to the blockchain network.
Through this, they aim to establish the technical foundation for a next-generation financial model by checking the execution stability of 'smart contracts' and the system monitoring framework.
A smart contract is a technology that records pre-agreed contract conditions as programming code on the blockchain, and when these conditions are met, the contract is automatically executed without a third-party intermediary.
Shinhan Card announced that it plans to continuously strengthen its Web3.0 capabilities based on the technology secured through this joint research and review specific implementation plans, such as actual service launches, in line with the future establishment of relevant institutional conditions.
A Shinhan Card official said, "Through this agreement, we plan to meticulously verify the practical applicability of blockchain technology and proactively explore next-generation financial models." He added, "By combining Solana's infrastructure and Shinhan Card's know-how, we will do our best to present a safe and convenient payment environment in line with future revisions of relevant laws and regulations."
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