South Korean telecom giant SK Planet seeks to integrate blockchain, signs MOU with ICON Foundation

SK Planet, a subsidiary of South Korea’s SK Telecom, is planning to go big on blockchain, The Next Web reported.

The telecom titan has inked a memorandum of understanding (MOU) with the ICON Foundation in order to create “a real-life blockchain use case.” Under the agreement, SK planet will integrate blockchain technology into a number of existing products.

According to the official announcement:

“The ICON Foundation and SK Planet will work together to create new customer values and business opportunities by linking ICON’s blockchain technology with the Korea’s leading mobile services, such as OK Cashbag and Syrup provided by SK Planet.”

The objective is to transform the digital marketing framework for existing brands and enhance customer experience in both online and offline areas.

In addition, the ICON Foundation and SK Planet will work closely to support small and medium-sized enterprises (SMEs) to boost the local economy. They seek to encourage the domestic blockchain industry through cooperation with blockchain developers and academia.

“Blockchain appears to be one of the key technologies that will promote market transformation in existing industry for the medium and long term” said JM Park, the Head of Marketing Platform division at SK Planet. He added “SK Planet will work with ICON to derive synergies in various fields so that we can offer differentiated benefits to our customers.”