Korea's SK Telecom to Build Blockchain for Identity and Asset Exchange

SK Telecom has announced plans to launch a blockchain-based platform aimed to simplify payment and subscription processes.

AccessTimeIconApr 24, 2018 at 10:00 a.m. UTC
Updated Sep 13, 2021 at 7:52 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

South Korea's SK Telecom is reportedly launching a blockchain-based platform for authenticating customers' identities within the year.

According to a ZDNet report on Tuesday, the telecoms giant – a subsidiary of the SK Group, one of the largest family-owned conglomerates in South Korea – is developing the new system in order to streamline user subscriptions and payment processes.

Oh Se-hyeon, the firm's blockchain unit head, said the platform will be able to transmit non-financial assets and data, and help bring trust and transparency to the firm's services, based on another report from the Korea Herald.

“The service will allow users to manage all bank accounts, credit cards, mileage points and other non-financial assets, including cryptocurrencies, in one basket, and enable transactions of the assets based on trust,” Oh said.

Also announced today as part of SK Telecom's push into blockchain development is the firm's plan to launch a service dubbed the "Token Exchange Hub."

According to the reports, while SK Telecom does not plan to issue its own tokens, the hub will serve as an administrative and technological center for enterprises to raise funds through initial coin offerings.

The move comes just a month after rival South Korean telecoms firm, Korea Telecom (KT), announced plans to better protect its infrastructure with a blockchain-powered security solution.

The project, dubbed "Future Internet," will let individuals and businesses earn rewards for transmitting data in a peer-to-peer fashion, rather than via centralized portal operators like Google.

SK Telecom image via Flickr/Pierre Metivier

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.