South Korea’s SK Telecom to roll out a blockchain wallet

South Korea’s SK Telecom to roll out a blockchain wallet
Written by:
Ali Raza
22nd October, 07:28
Updated: 22nd October, 07:29
  • South Korean telecom giant, SK Telecom, recently announced plans to issue its own crypto wallet.
  • The wallet will be used for storing and managing digital certificates on the blockchain.
  • The move is to help citizens increase their own safety in a world still suffering from the COVID-19 pandemic.

Major South Korean telecom, SK Telecom, recently revealed that it plans to issue its own cryptocurrency wallet. The wallet will be used for storing and management of digital certificates on the blockchain technology.

South Korea to start relying more on digital certificates

From what is known, the new initiative by SK Telecom was approved by the country’s Ministry of Public Administration and Security. Furthermore, the wallet is fully compatible with the ministry’s own digital certificate initiative, known as Government24.

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This particular certificate initiative is encouraging the use of the new systems for electronic certificate issuance and distribution in the country, which became rather big due to the coronavirus pandemic.

As for SK Telecom’s certificates, they include copies of the citizens’ registration cards, immigration certificates, health insurance qualification certificates, and other similar documents. In the past, such documents needed to be printed on paper, and then signed by hand. Now, however, they will be issued on the blockchain via a simple mobile app.

Due to the system’s compatibility with the Government24 app, certificates issued by Government24 can easily be received in the SK’s new wallet. Later on, they can be submitted to various public entities, private firms, and even financial institutions, all in the form of electronic documentation.

Plans for the future

Initially, there will be 13 different certificate types that will be compatible with the new SK Telecom wallet. But, in the next few months, that number will climb to a total of 100 types of certificates.

The head of SK’s blockchain sector, Oh Se-hyun, stated that blockchain technology is essential in a rapidly-changing society. It can provide solutions that do not require face-to-face encounters for issuing, submitting, or processing certificates, which is still necessary when it comes to paper-based documents.

On top of that, he also stressed that this kind of technology would bring significant security advantages to certificate-related processes.

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