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Korea: SK Telecom Launches Enterprise Blockchain Built on Hy...
CRYPTO & BLOCKCHAIN INFLUENCERS, NEWS

Korea: SK Telecom Launches Enterprise Blockchain Built on Hyperledger Fabric

South Korean giant SK Telecom together with the members of its consortium, has launched an enterprise blockchain platform called STONledger.

STONLedger

SK Telecom plans to introduce a variety of services such as identity verification and mobile commerce by combining mobile and blockchain technology. In particular, the company is preparing a service that can prevent accidents by unlicensed drivers through a blockchain-based mobile drivers’ license business.

The planned service is part of a pilot project promoted by a consortium of telecom, manufacturing, and financial companies, including SK Telecom. The project was launched by the Korean government to develop blockchain-based mobile identification services.

SK Telecom, a South Korean telecommunications operator and one of the country’s largest chaebols, is entering into the blockchain realm with the launch of STONledger, an enterprise blockchain platform focused on identity verification and mobile commerce.

Specifically, one of the possible applications in development is a service that allows registering a driving license on the blockchain so as to reduce the number of frauds caused by unlicensed drivers. The venture was initially launched by the Korean government but subsequently, the development of the project was passed to a group of private companies, including SK Telecom.

One of the next milestones is to create a self-sovereign identity (SSI) wallet where users can upload their driving license and use it whenever they need it. For the uninitiated, self-sovereign identity (SSI) is a term used to describe the digital movement which recognizes that an individual owns and control their identity, without the intervening of administrative authorities. SSI allows people to interact in the digital world with the same freedom and capacity for trust as they do in the offline world.

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STONledger’s main business model is based on a decentralized identifier (DID) that leverages blockchain technology to verify and identify an individual’s personal data, allowing them to have full access and control on information registered. Personal data is not limited to identity and can be expanded to any other information that needs to be recorded and not counterfeited, for example, college grades or school attendance. Apart from this, STONledger can be applied to other industries such as e-commerce, IoT, insurance, and payments.

The solution will be applied to the entire distribution process, from production to final sales, guaranteeing the immutability of the data entered. The goal is to create a service that ensures that the distribution process is more easily and efficiently controlled. Through the control of data on food production and their systematic management, productivity would also improve. In the current distribution process, most of the existing operations such as contracts, agreements, and others are managed manually. Thanks to blockchain technologies, these operations would become advantageous in terms of efficiency and costs

Waiting Game

SK Telecom and other consortium members are waiting for government approval to officially launch the mobile driver’s license service, which had been applied for in May of 2019. Meanwhile, there are similar mobile authentication services such as T Authentication, KT Authentication and U+ Authentication that are currently available for users.

The goal is to combine those kinds of services, known under the tag “PASS”, with the decentralized identifier (DID) to create a mobile driver’s license which will be protected against fraud.

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The approval is expected to be between mid-August and September at the 5th ICT Regulation Sandbox Review Committee.

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