Leading South Korean Telecom Company to Use Blockchain Technology

A leading South Korean telecom operator, SK Telecom recently announced about a release of a new asset management service which is based on Blockchain technology. As reported by a local news outlet, in addition to this service, the company has also introduced a new platform which will be linking blockchain startups with the appropriate field investors.

The executive vice president of the SK telecom operator’s Blockchain division, Oh Se-hyeon announced that the new system is aimed on providing the opportunity to the users to manage all of the back accounts, credit cards, mileage points and other non-financial assets, including cryptocurrencies, in one basket. The service will also enable transactions of the assets which are based on trust.

In addition, some details were given on the new “Token Exchange Hub” platform. According to the developers and as announced by Oh Se-hyeon, the platform will assist startups with offering both technological and financial consulting in addition to supporting their Initial Coin Offerings.

Oh Se-hyeon also stated that their team will be providing administrative support to the startups which are using blokchain technologies in order to create a sustainable blaockchain ecosystem. The key support will be aiming on issuing Bitcoin in a more transparent and safe manner through the new introduced platform

According to the source, SK Telecom will be using a Blockchain-based real name authentication program for its subscription and verification service. The telecom company has been one of the major investors in the cryptocurrency exchange world. Along with the tech investor Tim Draper SK have in investing in the field and supporting blockchain technology based projects for a measurable amount of time. The company is already an investor in Korbit which is a leading South Korean exchange platform. The recent support and promising project for startups is another example of the great interest of the company to contribute to the development of the new technology.

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