SK Telecom will adopt blockchain in subscriptions and payments to increase customer convenience, the telco has announced.
The company will launch a blockchain-based digital real-name authentication program to simplify subscriptions and verification processes for its services.
It is also preparing an asset management service for customers that will allow peer-to-peer trading of high value items.
SK Telecom will also launch a token exchange hub project that will help startups and SMEs commence ICOs transparently and safely.
South Korea's largest wireless carrier formed a blockchain unit last year to find new businesses opportunities.
The country imposed new regulations on cryptocurrency after trading overheated earlier this year. Korea bans minors, foreigners, and the anonymous from trading. ICOs are also banned locally. However, it has vowed to foster blockchain services going forward.
Earlier this month, a boss of a local cryptocurrency exchange was arrested for fraud.
Chat giants Kakao and Line formed their blockchain subsidiaries earlier this year.
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South Korean chat giant Kakao's blockchain subsidiary, dubbed Ground X, will unveil its own platform within the year.
Reports suggest Google may be working on blockchain-based systems to support cloud businesses.
The South Korean telco has acquired quantum-safe solutions provider ID Quantique (IDQ) which will ensure security in the coming 5G era, the company said.
South Korea will prioritise transparency in cryptocurrency trading by preventing illegal and unfair activities, the Blue House said in response to a petition asking for less regulation in the emerging industry.
Why blockchain technology isn't just a fad (TechRepublic)
Jim Scott, director of enterprise strategy and architecture at MapR, explains how the blockchain works and why the tech will power countless startups.