Korea’s SK Telecom will build Blockchain for Asset and Identity Exchange

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SK Telecom which is a South Korean organization will reportedly launch a platform based on Blockchain meant for the authentication of customer identities. This should happen within a year.

According to a report by the ZDNet released on Tuesday, the telecoms giant which is an SK group subsidiary and also one of the South Korean largest family-owned conglomerates, is said to be under development of a new system which would help in the streamlining of the subscriptions by users and also the payment processes.

The organization’s Blockchain unit head, Oh Se-Hyeon made reports that the platform will be involved in the transmission of the non-financial data and assets, it will also help in obtaining transparency and trust to the services of the organization. This is according to another report by Korea Herald.

Oh Said;

“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.”

As a section of the SK telecoms pushes to the development of Blockchain in the organization, they were also involved in the unveiling of the plans of the firm has of launching a service which was named “Token Exchange Hub.”

Additionally, in accordance with the reports made, the SK Telecom will not be involved in issuing of their won tokens. Their main aim is just to create a technological and administrative center for the various corporations to raise money through the ICOs.

Therefore, the move has just come at a time when a month ago, the Korea Telecom (KT) which is a rival Korean telecoms firm made announcements of their plans to have a better protection of their infrastructure with a security solution which was Blockchain powered.

The project which is dubbed “Future Internet,” will allow the people using it and the business organizations earn various rewards due to the transmission of the data in a peer to peer fashion, other than the use of the centralized portal operators such as Google.

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