SEOUL — SK C&C, the information technology wing of South Korea’s SK Group, partnered with a domestic blockchain company to interlink services and develop new blockchain models for businesses. The partnership will strengthen their foothold in South Korea’s blockchain scene where competition is getting fierce.
Blockchain is a virtual ledger service that is virtually unhackable. It is ideal for managing important corporate information or personal data that need high security. Various kinds of virtual ledger services were adopted in South Korea in many fields including logistics, customs, healthcare, and finance.
SK C&C said in a statement on January 27 that under a memorandum of understanding, the company and Lambda 256 will cooperate to interlink their blockchain services and develop a backend-as-a-service (BaaS) model for a multi-purpose blockchain system. The virtual ledger system will help companies securely manage documents and data.
Lambda 256 said that the new blockchain model could be used for social authentication services such as a real-time digital authentication system for COVID-19 vaccination. “We will continue to do our best in expanding the ecosystem for blockchain services and technologies by establishing a variety of blockchain-based social safety networks,” an SK C&C official was quoted as saying.
In June 2020, SK C&C released Chain Z for Etherium, a blockchain solution for enterprises. The solution helps companies to freely create their own blockchain platforms. According to SK C&C, a company normally takes about four months to set up and test the virtual ledger platform.