​SK Telecom to adopt blockchain for authentication

South Korean telco SK Telecom will adopt blockchain into subscriptions and payments from consumers.

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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