Posted 2 years ago | by Ben Armstrong

South Korea Company Building on Blockchain

One of the largest conglomerates in South Korea, SK Group is developing a donation platform which is Blockchain-based. The company has also proposed 2 new tokens in the platform design.

As per the reports, the IT arm of the group SK Corporation C&C has made an announcement at a conference regarding Blockchain and its social impact. One of the sponsors of this conference was Kakao’s Ground X who had been held at Heyground in Seongdong District’s coworking space.

The platform is going to be developed with Ripple. It is an RTGS, the real-time gross settlement from Ripple Labs which is based in San Francisco with the help of Xcurrent solution. When it is completed, this platform is going to allow low-cost, direct, and person-to-person transaction of foreign currency by immediately settling free from the intermediary institutions.

The architecture is going to be open source and also open to the developers from outside along with transactions terms that are customized by counterparties. This is not going to depend on mining and will be centralized.

2 different tokens are going to be used. Social Value Coin (SVC) is going to trade 1:1 to be won and used to make an actual donation. SVP is going to be distributed as a means of compensation to people who are using the platform. SVPs are going to be paid out at a ratio of 1:1000 SVC while making donations. This means that the sender is going to receive 1 SVP for 1000 SVCs that are remitted.

SK has said that the project is yet in the process of being developed and there is no decided deadline for the launch. When it comes to the development of solutions for Blockchain, the group has been pretty active. After Hyundai Motor and Samsung, SK is the 3rd largest chaebol with 218 trillion won in the assets.​