In a recent announcement, South Korea’s most prominent telecommunications firm, SK, has partnered with ICON—the largest blockchain project in the country. The partnership will see SK utilize crypto and blockchain to compensate users of its mileage system.
SK signs MOU with ICON
SK Planet, a subsidiary of SK, has signed a memorandum of understanding with ICON. SK Planet runs the most widely used mileage system in South Korea. The system already boasts almost 35 million users which is more than half the country’s population.
In the coming months, SK Planet will collaborate with the ICON team to gain access to its blockchain technology, and this will help support its mobile services and mileage system OK Cashbag.
In July, Hani, a media outlet in South Korea reported that OK Cashbag had started the process of developing a blockchain-based system that would help handle mileage payouts and its other business models.
The report read:
“OK, Cashbag has approved the initiation of OKX Project, a blockchain technology-based project, and is currently in a phase of reviewing various business models and incentivization methods. But, SKPlanet will not engage in any initial coin offering (ICO) or fundraising of OKX Project.”
So far, SK Planet has not provided any additional information on the technical details of the project. Also, they have not mentioned if there are any partners they intend to work with to smoothen the process of integrating the blockchain tech into its existing infrastructure.
By signing the M.O.U with ICON, SK Planet has given us a glimpse of the long-term strategy of SK and its desire to actively pursue integrating the blockchain technology with its existing infrastructure.
Some experts have suggested that the recent partnership between ICON and Line encouraged SK to want to work with ICON and launch its first blockchain product. Line is one of the leading messaging apps in Asia.
Commenting on the partnership, J.H. Kim, a council member of the ICON foundation said:
“Through cooperation with SK Planet, which has OK Cashbag and Syrup services already being widely used by the public, ICON will keep up the hard work to popularise blockchain.”
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology