SK Telecom adopts blockchain for ID verification and data transmission in Korea

24 April 2018

SK TelecomSK Telecom, a South Korean wireless telecommunication operator owned by SK Group, nation’s largest industrial conglomerate, announced the introduction of a new blockchain system to enable identity verification for its customers with higher level of reliability and security.

Report published this week reveals that SK Telecom is making its push into the blockchain industry in a move to facilitate the process of subscription and payments for the users. According to the head of the blockchain department at SK Telecom, Oh Se-hyeon, the new service will transmit financial assets and data with increased trust and transparency, reports the Korea Herald.

Oh notes: “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”.

In a separate statement the company announced the launch of the new platform to be known as “Token Exchange Hub”, which, however, won’t be focused on developing and offering its own crypto tokens. Instead, the hub will be operating as an intermediary for businesses wishing to participate in the fundraising campaigns based on the initial coin offerings.

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