Shinhan’s blockchain solution introduced for metaverse platform for business purposes

SEOUL — A blockchain solution developed by Shinhan DS, a financial IT service arm of South Korea’s Shinhan Financial Group, will be combined with a metaverse platform to relieve concern about non-face-to-face transactions by providing protection from hacking and enabling the convenient authentication of ownership or originality.

Vaiv Company, a developer of artificial intelligence data processing and analysis software, has signed a memorandum of understanding with Shinhan DS to release a metaverse platform for business purposes. They would jointly develop a digital asset service and establish digital assets in the metaverse such as non-fungible tokens, which are blockchain-based.

A blockchain is an unhackable virtual ledger network system. Such a system is widely used in many sectors including the financial sector and the logistics center because of the network’s strong security. A non-fungible token (NFT) is a digital token with a unique digital asset designed to represent ownership of a virtual or a physical item.

The metaverse is a digital world that offers firsthand experiences, created by the convergence of physical reality and virtual spaces. Based on AI, big data, and digital twin technologies, Vaivis is building a “mirror world-type” metaverse platform specialized for business purposes. A digital twin is a virtual representation that serves as the real-time digital counterpart of a physical object or process.

Vaiv’s subscription-based big data analysis service has been used for corporate decision-making. “We hope that Shinhan DS’ blockchain technology will not only protect against external hacking but also conveniently authenticate ownership or originality anytime, anywhere, thereby relieving anxiety over non-face-to-face transactions and activating transactions,” Vaiv CEO Lee Jae-yong said in a statement on September 13.

Vaiv said it would introduce Shinhan’s blockchain technology to increase the security of contract authentication or digital content and implement various types of digital assets in the metaverse. Shinhan’s digital asset platform enables the issuance of digital assets such as point tokens, digital vouchers, digital securities, and NFT as well as their integrated management.

Customers using a digital wallet service can get shopping points and use rewards when they go on online shopping next time. Digital securities, also known as security tokens, are financial securities digitally represented on a blockchain. Digital gift cards are convenient to receive payments through a digital voucher. It’s perfect for generating revenue quickly and opens the possibility of delivering goods later on.