South Korean telecommunications company SK Telecom has announced plans to use blockchain technology in subscriptions and payments, ZDNet reported.
The company established a blockchain unit last year to explore new business opportunities. It has now unveiled its blockchain business blueprint, which includes three major initiatives – a blockchain-based digital real-name authentication program, an asset management service, and a token exchange hub.
The real name authentication project is aimed at simplifying subscriptions and verification processes for SK Telecom’s services. In its official release, the company said that this system would be key to opening a “consumer-centric” world.
The asset management service will allow peer-to-peer trading of high-value items. SK Telecom noted that currently there are restrictions on the trading of precious metals such as diamonds.
“By applying the blockchain, it is possible to check the history of the assets to be traded, and it is possible to confirm the identity of the transaction participant, thereby enabling a trust-based P2P transaction. In addition, the participation of the participant in the direct market reduces the role of the intermediary and saves time and money in the transaction process,” it said (loosely translated).
SK Telecom is also planning to launch a “Token Exchange Hub” which will help startups and medium-sized businesses commence initial coin offerings (ICOs) in a transparent and secure way.
Earlier this year, the Financial Services Commission (FSC) banned cryptocurrency trading using anonymous accounts. In September 2017, the regulator banned ICO related activities in the country.
