Is block chain based transaction system replacing traditional transaction? We need to pay attention to this new way.

신태섭 기자l승인2020.09.25






▲ / CEO Shim Gyeong-ryeol

One of the keywords of block chain is decentralization. The data connected between blocks does not need a central server as the data is saved in all blocks. This makes transparency and trust of block chain. Some worry about the hacking of the exchanges but block chain has nothing to do with the exchange in terms of technology. 

Cryptocurrency was born to save and maintain the data of block chain and is evolving as future currency alongside fintech. China and many other countries are moving fast to introduce block chain based transactions. 16 banks in South Korea also gathered at a block chain consortium which can be an indication of accelerating this new transaction system. is a South Korean block chain based transaction system developer. Marking the first anniversary of launching the services at The Park Hotel Seoul on Saturday Aug, 8, CEO Shim Gyeong-ryeol signed an agreement with K2NET CEO Min Cho-hong. 

K2NET is a South Korean credit card terminal maker and is providing on/off line transaction services with K2Pay. Formerly, the company signed a business agreement with KB Financial Group in February this year.

In her speech, Shim said “It has not been an easy path for a young woman like me to be standing on this podium today. I’ve worked hard and I’ve received unsparing support from many. So I would like to show my thanks to them.”

In his speech, Min said “ and K2NET are now working together to develop coin-based transaction systems with which we will lead new ways of paying and receiving money. The systems we are working will require a credit card terminal to make a coin-based transaction. It’s that easy.”’s AIPP Holdings is a block chain transaction platform developer. Its own debit card can be charged with points and used for bus and KORAIL at the moment while the transaction will also be made soon in all offline stores nationwide. The company is set to introduce Sero, a public block chain, within the year and is actively signing business agreements with global companies for this.

The AIPP system is connected with Tokencan Exchange Hongkong, for example, to trade currencies and points. The digital currency wallet and AIKEW within the system also conveniently connects on/off line transactions.

According to Cointelegraph, Swiss Crypto Valley Association president Daniel Haudenschild said that the Central Bank Digital Currency (CBDC) was the next step of decentralized finance and 24 CBDC projects were ongoing at the moment. In other words, he said, the traditional financial institutions had started to see the potentials of new digital assets.

In South Korea, the revised bill of Special Financial Act has been passed the Assembly. CEO Shim interprets this as a legal recognition of cyptocurrency in South Korea which also regards related exchanges and financial institutions as legal. In other words, she says, the act defines the exchange and institutions as Virtual Asset Service Providers. 

“However, we still have a long way to go if it is fully commercialized. The point is to bring up simple transaction systems at first hand. The world seems to be moving fast on this including Russia. It is the grand goal of, therefore, to made AIPP coin that can be used as global currency. And I and my team are determined to make it happen.”

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