Blockchain

Biggest Conglomerates of South Korea Planning to Unveil Donation Platform Based on Blockchain

The largest multinational of South Korea SK group has disclosed about their plan to create a donation platform based on blockchain. Chosun the South Korean popular news agency has publicized the news on 9th August.

The company has also proposed two new tokens explicitly designed for the platform. The announcement was made in a seminar on the blockchain by the software wing of SK Group, SK Corporation C&C. One of the major sponsors of the meeting was Kakao’s, Ground X. The meeting to place in Seongdong District, Seoul.

The aforementioned donation platform is in its developmental phase. Lee Sun-min, the leader of Sk corporation C&C, has told regulations and infrastructure is the main barrier in launching the platform.

The donation platform will be developed by San Francisco built Ripple Labs on its RTGS system and will be utilizing the Xcurrent solution. After the platform gets launched, it will allow direct, peer to peer, budget for foreign currency transactions.

The architecture of the platform will be open source and will be accessible to outside programmers. It will also be unified and will not dependent on mining. As far as donating on the platform is concerned, it will depend on SVC a won backed stablecoin. It will use the utility token SVP to reward the sponsors.

The people who will donate in SVC will get 1:1000 SVP which means the donor will get 1SVP for 1000 SVCs settled. The SVPs received can be used for buying commercial items. The venture is still in its developmental stage and has no strict deadline to follow for the launch.

The corporation is involved in the blockchain development for many years. In 2018 the company signed a contract with ConsenSys to develop a business blockchain platform. As per reports, SK Group has also financed 10 billion won in a trust managed by ConsenSys.

SK Group is the third-biggest family-owned business of South Korea having an asset of 218 trillion Won.

After SK group Binance is also planning to launch a token to support women health. As per the reports, 46 organizations, including Ripple has decided to support PCAT “Pink Care Token.” The proposed token is devoted to the health of women residing in developing countries.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.
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