Large Korean Company Considers Blockchain for Charity, Partners with Ripple

It’s being reported that the SK Group is considering using blockchain to track and facilitate charity-based payments within South Korea. SK Group is one of the largest companies in South Korea, and their position on wanting to test out blockchain for this application does not go unnoticed. Evidently, they have already proposed two new tokens for this purpose.

The partner that they have chosen to help build this project is Ripple Labs, the creator of one of the most popular cryptocurrencies, Ripple. Of the three solutions that Ripple offers, the SK Group is interested in using the Xcurrent solution to facilitate transactions and keep transaction costs as low as possible.

The goal is for the platform to be open source and to be opened up to outside blockchain developers, though it will be centralized and not be mined. According to the SK Group, there is no defined date for the launch of the two coins that will be used, but significant process has already been made.

More Applications for Blockchain

As the SK Group moves forward with this project, industry professionals praise the company and the project for finding yet another way to effectively utilize blockchain technology in a real-world solution that can benefit millions of people worldwide.

The credibility that a large company like the SK Group brings to the industry is obviously valuable and opens the door even further to those companies who are seeking to use blockchain in a similar manner.

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About Caleb Lombardo 25 Articles
Caleb is a cryptocurrency investor and enthusiast with about 4 years of experience in a variety of cryptocurrency-related roles and positions. He is passionate about communicating the vast technological implications of a decentralized currency system and a society that uses blockchain technology to its maximum potential.

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