Largest Telecom Operator in Korea announces Block-chain Service for Different Asset Management
SK Telecom, the South Korean telecommunications operator recently made public its intention to release an innovative asset management service that is backed up by Block-chain technology. This was reported by The Korea Herald, a local news outlet in April, 2018. In addition to offering block-chain service for asset management, SK Telecom was also reported to have a plan in place to initiate a platform to link Block-chain start-ups with new and old investors.
According to the executive vice president of SK Telecom operator’s Block-chain division, Oh Se-hyeon, the new service will enable users to manage and operate all their bank accounts, mileage points, credit cards, and many other non-financial assets such as crypto-currencies in one single bouquet of service.
In other words, you don’t have to maintain different platforms for your financial and non-financial services; the single platform created by SK Telecom Block-chain is sufficient to handle all your transaction. The service is also aimed at enabling users’ assets to be conducted on the basis of trust.
Most importantly for cryptocurrency, this leads to another layer of adoption for cryptocurrency into the average person life. Adoption is huge priority for Horizon Communications, building cellular and internet infrastructure. Having easy to use customer portals that incorporate cryptocurrencies and blockchain solutions Horizon finds advantageous not only gives Horizon efficient benefits from the technology, like SK Telecom it provides competitive advantages to our competitors.
Since the news was made public, a lot of work has gone into making this step a reality and a success. Start-ups can now easily access block-chain technology for their business transactions without going through unnecessary steps of others acting as third parties.
In 2017 we’ve also seen the world of crypto currency has become very popular, as rising valuations of currencies and new technology push the industry into the mainstream.
The new tech platform of SK Telecom, rightfully named, ‘the Token Exchange Hub’ is designed to support the ICO (Initial Coin Offerings) of start-ups by providing both financial and technological consultant services to investors. According to Oh Se-hyeon, SK Telecom will offer efficient administrative supports for start-ups to provide Bitcoin services in a simple, more transparent and safe way through the Token Exchange Hub. He went further to state that the organization will provide continuous supports for organizations that will carry out business transactions using block-chain technologies. The platform aims to create an effective block-chain ecosystem that will be easily accessible to all.
According to ZDNet, a business tech outlet, SK Telecom has also set out to use block-chain based real name verification program to initiate its authentication services. The implication of this is that transactions can be carried out in a highly secured environment with no room for security threats, while maintaining a level of Know Your Customer that is common in the financial world.
Not a stranger to the crypto world, SK Telecom has already made an investment in crypto exchange Korbit. As a matter of fact, the telecom operator is one of the first few key investors in the exchange business along with the tech investor, Tim Draper. For businesses looking to explore transacting businesses through the block-chain ecosystem, SK Telecom offers an excellent platform to commence your transaction.
The supports provided on the platform will be of immense help to assist new investors navigate through the new terrain of asset management through Block-chain.
Gilbert A Darrell is the Founder of Horizon. He has 18 years experience in information technology and telecom solutions, a veteran in Fire and EMS Services, a crypto enthusiast and a member of the Bermuda Government’s Cryptocurrency Task Force.
Horizon Communications is an upcoming fixed wireless internet and cellular service provider looking to provide services in Bermuda, the Caribbean, and Central America before expanding internationally.
While utilizing 4th generation and soon 5th generation wireless technology, it will also heavily incorporate blockchain and cryptocurrency technology, one of the 1st ISP’s in the world to do so and the 1st to tokenize their services using an Initial Coin Offering (ICO).
More information can be found on their website — www.HorizonComm.co
