Blockchain is in spring while cryptocurrency is in winter in South Korea.
Despite the government’s tight ban on cryptocurrency, many South Korean companies are adopting blockchain technologies. Gradually, consumers enjoy a wide variety of blockchain services.
Telecom companies KT and SK Telecom (SKT) are active in blockchain projects. KT has unveiled the Giga Chain, which is the blockchain-based platform. Through the Giga Chain, South Korean companies can develop programs and services.
KT seeks to partner with foreign telecom operators to build a regional and a global blockchain network. SKT has been developing the identity authentication service through Coin Plug. It would use the service for internal use and marketing.
SKT also plans to use the blockchain technology for its new music app. Its use of blockchain technology for its music app would protect the rights of artists and users transparently.
The Hyundai-Kia Motors Group announced Monday that drivers could control seven functions of its electric cars through smartphones. The group said the service became possible through blockchain technologies. The service is free from hacking, it said.
Like other car makers, the South Korean carmaker has been extra cautious over the hacking of its car operations. Hacking would entail car accidents. However, the carmaker said blockchain solved the hacking problem.
About 30 South Korean provinces, cities, and counties are issuing blockchain-based coins, replacing paper-based regional gift cards.
Consumers do not need to know whether the digital currency is based on blockchain or not. They can conveniently use cyber currency through smartphones.
