SK Planet, one of the largest telecommunications companies in Korea, seeks to intensify its blockchain game with nationwide cooperation.
The telecommunications giant signed a memorandum of understanding with the ICON fund. The cooperation will allow SK planet to integrate the blockchain system into a number of existing products, such as OK Cashbag. The cooperation is aimed at making “a real case of using the blockchain.”
OK Cashbag is already one of the largest loyalty programs in the country, with almost 38 million subscribers – half the population of South Korea.
We will have to wait before we know exactly how this use case will look. The announcement does not contain any specific details about how ICON and SK plan to include a blockchain in their product range.
Unlike other companies in the space of the blockchain, ICON has never done its open source software.
It should also be noted that ICON is primarily an ICO platform, and ICO is banned in South Korea – at the moment.
ICON was able to circumvent the ban by launching its business from Switzerland. Despite this, it still had its ICX token, registered on all major Korean exchanges.
As for the prohibition of Korea for cryptocurrencies, it will be interesting to see if SK Planet regulators’ participation will give the blockchain another chance.