BC Card has successfully registered a patent related to Non-Fungible Tokens (NFT) that can prove asset details in the event of a national emergency or financial institution computer system failure.
The patent was applied for by BC Card in 2023, and it has recently passed the patent examination and been officially registered.
With a total of 128 patents registered as of March this year, BC Card holds the highest number of patents in the card industry. Following the patent application for stablecoin payment core technology last year, BC Card continues to pursue patent registration to stay ahead in next-generation technology and protect its technology for potential commercialization to enhance corporate value.
The patent incorporates My Data services and blockchain technology. BC Card customers can update their asset information from various financial institutions such as banks, insurance companies, and securities firms through the My Data service within the lifestyle finance platform 'PayBack,' and the information is then stored as NFT on the blockchain in an image form, accessible to customers via a digital wallet.
A BC Card official stated that the advantage lies in providing the highest level of security in collaboration with KT Group companies, enhancing asset stability even in the event of various financial incidents.
As security incidents, including personal information leaks, continue to occur in the industry, the competition to secure patents that can protect customer assets and information is expected to intensify. Some banks are already operating services that protect certain assets with NFT.
By utilizing this patented technology, customers can protect their assets with BC Card's NFT services even in the event of computer system failures in various financial applications, eliminating the need for physical passbooks. It is anticipated that the safety of customer assets will be enhanced even if all financial systems are completely paralyzed.
Centralizing assets into NFTs can also improve convenience. Once the services based on this patent are implemented, customers can authenticate and access balance and account information from all financial institutions at once through the My Data service and receive it as NFT, anytime and anywhere. NFT can also be used as authentication for the assets in case of financial system failures.