South Korea’s SK Telecom announces to Launch Blockchain-based Asset Management Service
South Korean telecommunications operator - SK Telecom - is currently exploring ways in order to use the blockchain technology streamline user subscriptions and payment processes and thus enhance the customer convenience. For this SK Telecom will be launching a blockchain-based digital real-name authentication programme.
The telecommunications operator is also working on launching an asset management service for its customers allowing the peer-to-peer trading of high-value items. Oh Se-hyeon, the executive vice president of the SK Telecom’s Blockchain division said that new blockchain platform will facilitate the transfer of data and non-financial assets thereby bringing more trust and transparency in the firm’s services, reports local publication, Korean Herald.
She 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.”
During her talk, Oh Se-hyeon also said that the telecom operator is also looking forward to launching “Token Exchange Hub” that will support startups, small and medium-scale enterprise to conduct Initial coin Offerings (ICOs) safely and securely. The company said that it will not engage itself in ICOs or issuing digital tokens but will offer technological and financial consultations to the ones who need it.
Oh Se-hyeon said: “We will take the lead in creating an ecosystem that will benefit both businesses, individuals, and users who want to do business using blockchain technology. SKT will provide systematic administrative supports for startups to issue bitcoins in a more transparent and safe manner through the platform [...] We will provide consistent supports for companies that will do businesses using blockchain technologies and help create a blockchain ecosystem.”
Another telecom firm from South Korea - Korea Telecom announced similar plans last month in order to improve its infrastructure by having its own blockchain-fueled security solution. The company ahead said: “By using blockchain technologies, data will be secured from hackers as transmitted through the unforgeable blockchain network and users will be transmitting their own data with one another based on trust with no need to rely on third-party OTT businesses.”
Last month, a report by Korea Times said that South Korea is even reconsidering its ICO-ban, sighting a source familiar with the matter. The publication reported that "The financial authorities have been talking to the country's tax agency, justice ministry and other relevant government offices about a plan to allow ICOs in Korea when certain conditions are met.”