The Union Mobile, which is the fourth mobile carrier in South Korea, has announced the launch of its own blockchain called ELYNET.
According to the official press release, the project is designed “to provide differentiated mobile services using blockchain technology while leaving behind regulatory hurdles for approval as a mobile network operator.”
ELYNET implements blockchain to improve communication for clients who rely on a single carrier for telecom service, states the announcement.
Through ELYNET, users can reportedly use data communication services without the drawbacks of existing wireless carriers.
Earlier iHodl reported that South Korean city with 3.42m population Busan was in talks with BNK Busan Bank to launch its own stablecoin-like, that would be pegged 1:1 to the South Korean won.