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S. Korea’s Sk Telecom to Launch Blockchain-Based Payment Svc

South Korea’s top mobile carrier SK Telecom Co. said on Tuesday that it will introduce a blockchain-based payment settlement system later this year that will help maximize user convenience as part of its latest efforts to expand business powered by blockchain solutions.

“The system that will be introduced at the end of this year will focus on maximizing the convenience of users by allowing them to view discount information such as of memberships on their smartphones and choose an option to settle payment,” said Oh Se-hyeon, head of SK Telecom’s blockchain business unit.

Oh was speaking at New ICT Forum on Tuesday at Samhwa building in Euljiro, central Seoul.

The blockchain-based system will also allow users to manage financial and non-financial assets such as bank accounts, credit cards, mileage points, and cryptocurrencies, all together, the executive vice president said. It will also offer users personalized payment service that matches their lifestyle, she said.

Blockchain – which is referred to as a public digital ledger – distributes and stores data in the form of a block and shares it with people engaged in a transaction. It provides less risk to hacking and forgery as the technology is not maintained by a centralized authority system and offers transactions without relying on a third entity as an intermediary.

SK Telecom presented three goals with an aim to develop a reliable blockchain transaction platform for users – arranging an Internet-based foundation through digital real-name authentication program, improving payment convenience, and securing a reliable blockchain transaction platform.

Oh said that the company will aim to provide a new type of transaction platform using blockchain technology to a larger transaction group. She added that SK Telecom is working on to develop its own payment settlement platform.

Once the company develops a digital real-name authentication program based on blockchain technology, Oh said that the process of subscribing to customer service and managing personal authentication will be simplified.

SK Telecom, meanwhile, will also launch a Token Exchange Hub platform that provides administrative support and advice to startups and small- and mid-size companies in creating digital tokens through initial coin offering.

By Seo Dong-cheol and Lee Eun-joo

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