KT Corporation to Launch South Korea’s First Blockchain-Based Online Mall in Busan

KT Corporation to Launch South Korea’s First Blockchain-Based Online Mall in Busan

KT Corporation, South Korea’s largest telecommunications company, is taking a bold step into the world of blockchain and cryptocurrency. The company is set to launch an online marketplace backed by Busan’s blockchain-based digital currency. This innovative platform, named Dongbaek Mall, aims to revolutionize digital payments while revitalizing the local economy by supporting small and medium-sized enterprises (SMEs) in Busan.

What is Dongbaek Mall?

Dongbaek Mall is an online marketplace that will integrate Busan’s blockchain-powered digital currency as its primary payment method. The mall represents a significant milestone in South Korea’s journey toward mainstream adoption of cryptocurrency, enabling seamless and secure transactions for local businesses and consumers.

Key Features of Dongbaek Mall:

1. Blockchain Integration:
   Busan’s digital currency ensures transparent and secure transactions.

2. Wallet App Accessibility:
   Citizens can access the digital currency through the Dongbaekjeon wallet app, making it easy for users to adapt to this new payment system.

3. Support for SMEs:
   The platform is designed to drive sales for small and medium-sized enterprises, revitalizing Busan’s local economy.

The Vision Behind the Initiative

Kim Jong-Cheol, head of the KT Blockchain Biz Center, emphasized that the primary goal of Dongbaek Mall is to maximize the use of blockchain technology in Busan. By integrating cryptocurrency into everyday transactions, the project aims to:

• Boost the Local Economy:
  Drive more sales for local businesses and SMEs.

• Encourage Crypto Adoption:
  Familiarize South Korean citizens with digital currencies.

• Expand Blockchain Services:
  Roll out additional services that leverage KT Group’s expertise to enhance the functionality of the Dongbaekjeon service.

Why Busan?

Busan has been at the forefront of blockchain adoption in South Korea. As a designated “regulation-free zone” for blockchain, the city provides a unique environment for testing and implementing blockchain-based solutions. Busan’s digital currency initiative aligns with its broader strategy to position itself as a global blockchain hub.

How Does the Dongbaekjeon Wallet Work?

The Dongbaekjeon wallet app is the gateway for South Korean citizens to use Busan’s digital currency.

1. Simple Setup:
   Users can download the app and link their accounts to load funds.

2. Secure Transactions:
   The app uses blockchain to ensure secure and tamper-proof transactions.

3. Local Usage:
   Funds stored in the wallet can be used exclusively within Busan, supporting local businesses.

The Role of KT Corporation

As South Korea’s largest telecommunications company, KT Corporation is leveraging its technological expertise to make blockchain more accessible. The company’s blockchain division has been instrumental in developing the infrastructure for Dongbaek Mall, ensuring:

• Scalability:
  The platform can handle high transaction volumes.

• User-Friendly Interface:
  A seamless experience for both businesses and consumers.

• Enhanced Security:
  Blockchain technology minimizes fraud and ensures data integrity.

Revitalizing Busan’s Economy

The introduction of a blockchain-based online mall is expected to significantly impact Busan’s economy:

• Increased Spending:
  Encouraging citizens to shop locally and use digital currency.

• Support for SMEs:
  Helping small businesses access a broader customer base.

• Economic Innovation:
  Positioning Busan as a leader in blockchain and cryptocurrency adoption.

What’s Next for KT Corporation and Dongbaek Mall?

The initial phase of Dongbaek Mall runs until November 27, 2020, during which the platform is being tested and refined. Moving forward, KT Corporation plans to:

• Roll out additional services to enhance the Dongbaekjeon ecosystem.
• Expand the platform’s reach to include more local businesses and citizens.
• Explore new use cases for blockchain technology in South Korea.

Conclusion

The launch of Dongbaek Mall by KT Corporation is a groundbreaking step for blockchain integration in South Korea. By leveraging Busan’s blockchain-based digital currency, the platform not only drives innovation in digital payments but also revitalizes the local economy by supporting small and medium-sized businesses.

As blockchain technology continues to evolve, initiatives like Dongbaek Mall demonstrate the potential for digital currencies to transform local economies and create a more inclusive financial ecosystem.

To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential to disrupt traditional industries.