Blockchain technology is starting to ripple outward from fintech into, among other things, the used-car market.
Four undergraduate students at Jeonbuk University in South Korea have recently won a prestigious award for an ambitious blockchain-technology-related research project.
The project’s proposal was highly praised by the Korean Institute of Information Technology and the Korea Digital Contents Society, two of the most influential computer-scientist groups in the country.
The students’ proposal involved the creation of a blockchain-powered platform of smart contracts specifically for owner-to-owner used-car trading. This is great news for people wanting to avoid the added cost and hassle of dealing with auto dealers but hesitant to do business with random strangers. The students’ project could boost owner-to-owner trading with increased data transparency, elimination of a third party, and reduced transaction costs.
Recently, South Korea has experienced a big surge in interest regarding blockchain technology and its potential applications outside of fintech.
Two major South Korean universities have forged deals with Ripple, an American-based enterprise blockchain payment solution. Ripple connects payment providers, banks, digital asset exchanges, and corporates via RippleNet with the aim of providing a fast and easy experience to send money globally. Ripple is slated to provide technical and financial support for the universities’ blockchain research, including smart contracts security and agreement algorithms.
Banks are getting involved in the South Korean blockchain revolution, too. South Korean bank NH is co-organizing an intensive three-month blockchain course along with Seoul’s Dongguk University. The first group of students, who included professionals from a wide range of industries, have already completed the training. The course focuses on the practical elements and potential cloud-based applications of blockchain technology.
Other South Korean universities are fully embracing fintech, and most leading universities have opened blockchain departments as part of their course offerings.
It’s clear that blockchain technology has many applications outside of fintech and while it may be a surprise to some that it could revolutionize the used-car market, it’s also a step in the right direction that facilitates a true free market economy.