Cryptocurrency and ICO news 21.09.2018

ICON partners with Korean SK

ICON has partnered with the country’s biggest telecommunications conglomerate SK, to possibly utilize blockchain technology and crypto in compensating users of its mileage system.

SK Planet, a subsidiary of SK that signed a memorandum of understanding (MoU) with ICON, operates the most widely utilized mileage system in the country that has nearly 35 million users, more than half of the country’s population.

In the months ahead, SK Planet is expected to collaborate with the ICON team to utilize its blockchain technology in supporting mobile services as well as its mileage system OK Cashbag.

In July, Hani, a mainstream media outlet in South Korea, reported that OK Cashbag, the mileage system of SK, has initiated the process of developing a blockchain-based system to handle mileage payouts and various business models.

The partnership between ICON and SK Planet can be considered as the first major step towards materializing the plans of the conglomerate of utilizing crypto to compensate the users of OK Cashbag mileage system.

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