On April 24th, Oh Se-hyun, the head of SK telecom’s blockchain business development unit, unveiled their direction of blockchain development and business vision of SK Telecom (current CEO Park Jung-ho) at the ‘New ICT Forum’.
Mr. Oh is an ICT specialist who has worked for IBM Korea and SK C&C, and has been the head of SK Telecom’s new block chain business development unit since the end of last year.
The director of the unit, Oh, told the company that it will expand the blockchain business of SK Telecom in the future with the aim of establishing a trust base of the Internet world with the digital real name system, enhancing payment convenience, and securing the reliability of the block chain trading platform.
“SK Telecom plans to drive changes in the way traditional transactions are traded through its blockchain, while also targeting new concept trading platforms that extend the object of the transaction and its participants. The blockchain is not just a cryptocurrency, but a medium that will change the trading structure throughout society,” said Oh, the director of the unit.
“Blockchain can protect personal information in the digital world while guaranteeing reliability and transparency in transactions, voting, and comments through real name authentication. The digital real name system will greatly simplify a customer’s service registration and self-certification process,” he said.
According to the director of the unit, Oh, it is possible to check the history of the assets being traded by applying blockchain, and it is also possible to confirm the identity of the trading participant, thereby enabling a trust-based P2P transaction.
Furthermore, direct market participation by trading participants also reduces the role of intermediaries and saves time and money in the transaction process.
To this end, SK Telecom plans to provide asset management services and payment services using blockchain.
“We will be able to manage all of our banking accounts, credit cards, mileage, and other financial and non-financial assets and cryptocurrencies. Moreover, we will be able to provide payment services tailored to the lifestyle of our customers,” said Oh.
“On the other hand, SK Telecom plans to launch a ‘Token Exchange Hub’ project to create a sound cryptocurrency ecosystem and also create social values of the blockchain.
The Token Exchange Hub helps start-ups and small businesses trade securely and transparently through systematic administrative support and advice when issuing cryptocurrency through ICO (Initial Coin Offerings).