ICON, the most valuable Blockchain project in Korea, has partnered with the country's largest telecommunications company SK, utilizing Blockchain technology and electronic money to enable users to use the mileage system. mileage system of the company, thereby reducing energy consumption.

SK Planet, a subsidiary of SK, has signed a Memorandum of Understanding (MoU) with ICON, which operates the most widely used mileage system in the country with nearly 35 million users - more than one Half of the population of this country.

In the coming months, SK Planet plans to work with the ICON team to use Blockchain technology to support mobile services as well as a mileage system called OK Cashbag.

Collaborative milestone

In July, 1818, Hani, a mainstream media unit in South Korea, reported that OK Cashbag, the SK's mileage system, began deploying the Blockchain-based system to handle mileage payments. and different business models.

OK Cashbag has approved the OKX rollout, a project based on the Blockchain technology, and is currently in the process of reviewing various business models and incentives. However, SK Planet will not participate in any ICO electronic money issuance or raise funds related to the OKX Project, "Hani reported.

At the same time, SK Planet does not provide any additional information about the complex technical issues behind the Blockchain project or any of the partners the company intends to cooperate to streamline. The process integrates Blockchain technology into the existing infrastructure of the company.

A Memorandum of Understanding between ICON and SK Planet demonstrates SK's long-term strategy to actively pursue its plans to integrate blockchain technology. Experts say the collaboration between ICON and LINE, one of Asia's largest messaging applications, encouraged SK to work with ICON to release its first blockchain product.

J.H. Kim, a board member of the ICON Foundation, said:

"Through its partnership with SK Planet, whose services have been widely used by Cashbag and Syrup OK, ICON will continue its efforts to disseminate Blockchain."

SK Planet's CEO JM Park added that the group will work with small and midsize businesses to commercialize blockchain across Asia. He explained:

"Blockchain is likely to be one of the key technologies that will accelerate market transformation in the medium and long term. The synergy between SK Planet and ICON will open up many different areas of cooperation to bring diverse benefits to our customers. "