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Shinhan DS Develops Blockchain Solution for Metaverse Platform

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Shinhan DS has reportedly developed a blockchain solution that is expected to be combined with a metaverse platform. This will provide protection from hacking and solve the issues related to transactions that are not face to face. It will also enable the authentication of originality or ownership. Shinhan DS is an arm of the South Korean Shinhan Financial Group that is mainly concerned with the aspects of financial IT service.

The metaverse platform which will be launched for business purposes will be developed by Vaiv Company. For this purpose, Shinhan DS has signed a memorandum of understanding with the developer Vaiv. As per the agreement, the two companies would work together on developing a digital asset service. They will also jointly establish digital assets in the metaverse in the form of NFTs, which will be blockchain-based.

The metaverse, which will be a convergence of virtual spaces and physical reality, will be created by Vaiv in the form of a ‘mirror-world type’ platform that will be specialized for business purposes. It will offer first-hand experiences and will be created on the basis of big data, artificial intelligence (AI), and digital twin technologies. For corporate decision-making, the big data analysis service of Vaiv has been used.

In a recent interview, the CEO of Vaiv, Lee Jae-Yong, said that the company would introduce the blockchain technology of Shinhan DS to provide security to the digital content. It would also be helpful in the implementation of different digital assets in the metaverse and would provide contract authentication security. With this, the users would be able to use security tokens, digital gift cards, and other items in the digital wallet service when they shop online the next time.

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