SK C&C Provides Local Currency Service Integrated with Blockchain

Issuance and Operation of Region-Specific Customized Currency Possible

[Asia Economy Reporter Jin-gyu Lee] SK Inc. C&C announced on the 4th that it will provide a 'Social Value (SV) - Local Currency Service' that applies blockchain technology to local currencies.

This service allows local governments to issue local currencies as SV-local currencies by utilizing SK C&C's blockchain technology. It was created by combining SK C&C platforms such as the digital coin issuance platform 'ChainZet', the blockchain-based donation platform 'Warmly Change', and the SV activity support platform 'Haenggarae'.

The biggest advantage of the SV-local currency service is that it enables the issuance and operation of customized local currencies. It is possible to offer discounts or additional digital coins upon issuance, as well as cashback a certain amount of coins when purchasing local products.

The issue of local currencies not being fully used within the region when change is given in cash during the use of local currency gift certificates is also resolved. Leftover small coins can be donated to the local government. Among various public interest projects or donation campaigns implemented by local governments, users can select their desired donation destination, enter the donation amount, and press transfer.

Digital coin rewards for local government volunteers also become possible. SK C&C, together with the Community Chest of Korea, which is a social welfare community chest, introduced the donation platform Warmly Change and is working to enhance the transparency and reliability of donation usage.

Choi Cheol, head of SK C&C Platform Group 2, said, "Warmly Change records and manages all movements of coins at each stage?from digital coin issuance, usage tracking, donation, to distribution?in real time on the blockchain," adding, "It is cloud-based and allows adjustment of coin issuance and operation according to the purpose of use."

This content was produced with the assistance of AI translation services.