Blockchain 35 million users: Blockchain project ICON announced a partnership with South Korean Telecom giant SK Planet

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Blockchain project ICON signed a Memorandum of Understanding with the telecommunication giant of South Korea’s SK Planet. The goal of the collaboration is the integration of technologies for distributed registry in the largest bonus system of South Korea, serving 35 million users.

SK Planet operates the most popular in the country bonus system OK Cashbag, which has nearly 35 million users — more than half the population of South Korea. In the coming months SK Planet is expected to cooperate with the team ICON for the introduction and use of the blockchain-in mobile OK Cashbag service.

In July, OK Cashbag, the oldest and most popular rewards program in South Korea, announced plans to convert user points to the cryptocurrency. Customers get OK Cashbag points for purchases of goods and services from partner companies SK Planet. SK Planet Idea is tokenization accumulated customer loyalty points via the blockchain.

“OK Cashbag initiated the project OKX Project based on blockchain technology, and is currently under consideration different business models. SK Planet will present to ICO or collection of funds to Finance OKX Project”, reported the representative of SK in July.

At that time, the company SK Planet has not provided any additional information about the technical intricacies of the project and about who will act as the primary partner for the optimization of the process of integrating blockchain technology in the existing infrastructure of OK Cashbag.

The Memorandum of Understanding signed between the ICON and SK Planet, approved a long-term strategy SK for the active implementation of its plans for the integration of blockchain technology into the existing bonus system.

John. H. Kim, a member of the ICON Foundation commented:

“Thanks to the collaboration with SK Planet and project the OK Cashbag, which is widely used by the public, ICON can spend a Grand job of popularizing the blockchain and cryptocurrency”.

Executive Director, SK Planet added that this cooperation will also contribute to the commercialization of the blockchain in the framework of small and medium businesses across Asia. He explained:

“The blockchain is one of the key technologies of our time, which will contribute to the transformation of the global market in the medium and long term. SK Planet will work with ICON for effective synergies in various fields with the aim of offering differentiated advantages for our customers.”

We will remind, under the Ministry of information and communications Korean service on cyber security (KISA) announced that it will increase the number of blockchain projects and budget for them to double in 2019-th year.

In June, the Ministry of science and computer technology in South Korea presented the strategy of development of blockchain-industry in the country, under which the government has already allocated 200 million dollars.

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