Korea’s SK Telecom to Build Blockchain for Identity and Asset Exchange

South Korea’s SK Telecom is reportedly launching a blockchain-based platform for authenticating customers’ identities within the year.

According to a ZDNet report on Tuesday, the telecoms giant – a subsidiary of the SK Group, one of the largest family-owned conglomerates in South Korea – is developing the new system in order to streamline user subscriptions and payment processes.

Oh Se-hyeon, the firm’s blockchain unit head, said the platform will be able to transmit non-financial assets and data, and help bring trust and transparency to the firm’s services, based on another report from the Korea Herald.

“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.

Also announced today as part of SK Telecom’s push into blockchain development is the firm’s plan to launch a service dubbed the “Token Exchange Hub.”

According to the reports, while SK Telecom does not plan to issue its own tokens, the hub will serve as an administrative and technological center for enterprises to raise funds through initial coin offerings.

The move comes just a month after rival South Korean telecoms firm, Korea Telecom (KT), announced plans to better protect its infrastructure with a blockchain-powered security solution.

The project, dubbed “Future Internet,” will let individuals and businesses earn rewards for transmitting data in a peer-to-peer fashion, rather than via centralized portal operators like Google.

SK Telecom image via Flickr/Pierre Metivier