South Korea SK Telecom Developing Blockchain Platform For Authenticating Customers’ Identities

South Korea Telecommunication Company SK Telecom has begun work on a new blockchain-based platform. Once complete, it will be used to authenticate customer’s identities. The platform will also be used to simplify subscription and verification process services.

SK Telecom Blockchain Platform

According to the firm’s blockchain unit head, Oh Se-Hyeon, the platform will be able to transmit non-financial assets and data. It will also help in strengthening trust and transparency levels of the company’s services.

“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.

In addition, SK Telecom is also working on a new service dubbed, “Token Exchange Hub,” as it continues to expand its footprint into the blockchain space. The token exchange hub is being developed to provide SMEs and startups a way of carrying out ICOs transparently and safely.

The hub will serve as an administrative and technological center whereby startups and other companies will be able to raise funds through ICOs. However, SK Telecom does not plan to launch its own token to support ICOs on the platform.

SK Telecom has also unveiled an asset management service designed to support peer-to-peer trading of high-value items. The service seeks to address system barriers that have restricted the trading of precious metals such as diamond.

South Korea Blockchain Adoption

According to the company, leveraging blockchain technology will simplify the process of checking the history of assets to be traded with the new asset management service. The service will make it easy to confirm the identity of people behind a transaction. South Korea companies are increasingly turning to blockchain technology as they seek to come up with new products to address customers’ needs.

Korea Telecom, another carrier giant within the country, has confirmed plans to use blockchain technology to improve its security infrastructure. Under the “Future Internet Project,” the company plans to reward businesses and individuals transmitting data in a peer-to-peer fashion rather than through centralized portals.

Korea is one of the few countries in the world that is encouraging the use of blockchain technology in mainstream industries to help with innovation of new products and service delivery. However, the country continues to crack down on cryptocurrency related activities having already banned miners and foreigners from trading cryptocurrencies.