South Korea is already using Web 3.0 for business.

South Korea is already using Web 3.0 for business. This opens up a new value for accumulative points for purchases for retail customers, and for corporations it creates new development drivers. SK Planet has announced the launch of a Web 3.0 ecosystem called UPTN, built on top of the Avalanche blockchain platform.

UPTN will be integrated with arguably the largest loyalty program in South Korea, OKcashbag (OCB), which includes almost half of the country's population. The OK Cashbag program was launched in 1999 by SK Planet, a division of communications giant SK Telecom, to reward users who purchase goods and services from SK merchant partners.

The company behind OK Cashbag, South Korea's oldest and most popular rewards program, is exploring a plan to convert user points into cryptocurrencies. The integration of the Web 3.0 ecosystem called UPTN will give access to NFTs, decentralized communities and other features based on the Avalanche crypto protocol.

South Korean company SK Planet creates technical solutions for e-commerce and digital marketing. A Web 3.0 protocol called UPTN will be integrated with SK Planet's portfolio of consumer applications, including OK CashBag. In simple words, this can be described as follows: using the blockchain, buyers will be able to anonymously transfer their data to trading corporations.

This data will help corporations more accurately plan the demand for their products and thereby optimize their businesses. In essence, businesses will be able to see the consumer basket of citizens in real time, without owning the personal data of consumers. And consumers will be able to exchange points accumulated for purchases for cryptocurrencies and receive real money for this. For example, for buying milk and bread or for a taxi ride.