South Korea’s three mobile telecom companies will start blockchain-based services, including encrypted identification services, issuance of regional cryptocurrency and bill settlement overseas.
South Korea’s largest mobile carrier SK Telecom will build an encrypted identification platform. Subscribers will no longer need to carry their own identification cards when they open mobile phones once their personal data is stored in blockchain network. The blockchain-based identification can be also useful when people enter the restricted zone or when they sign e-contracts.
SK Telecom will initially use the encrypted ID in its mobile phone services and at its call center. SK Telecom customers will no longer need to tell when they were born, where they live and so on for verification. When an SK Telecom subscriber contacts the call center, his or her encrypted ID card will automatically verify the identity of the caller.
The second largest carrier KT will team up with the Gimpo City near Seoul to issue cryptocurrency usable only inside the city. At the franchised shops, residents can use the Gumpo Coin like cash. As it is blockchain-based cyber currency, forgery or double payment is impossible.
KT’s blockchain platform will adopt the smart contract, which enables Gimpo residents to settle bills without intermediaries. KT said the blockchain-based regional coins will be available at 160 counties, cities and provinces gradually,
LG Uplus, the third carrier, will join hands with the U.S. TBCA Soft, Japan’s Softbank and a Taiwan partner to build a blockchain-based overseas bill settlement and clearing platform. The service will be available early next year. The service will help tourists overseas save fees on bill settlement and currency exchange.
