SK Telecom (CEO Park Jung-ho) is strengthening its competitiveness by exploring convergence businesses between the ICT and financial industries through a blockchain-based decentralized identifier (DID) service.

SK Telecom signed a joint business agreement with Shinhan Bank (CEO Jin Ok-dong) and Samsung SDS (CEO Hwang Seong-woo) on the 12th to activate the 'Initial' service based on blockchain Decentralized Identifier (DID) and services utilizing DID.

Since 2019, the three companies have been working together as key members of the 'Initial DID Association' to build blockchain networks and various infrastructure.

Initial DID Association is a consortium blockchain network established in October 2019, with 14 companies currently participating, including SKT, Shinhan Bank, Samsung SDS, and KOSCOM.

In the future, the three companies will build an ecosystem and operate services to expand initial-based identity, qualification, and authority verification services.We are strengthening our cooperation to achieve this. This collaboration represents a case study of cross-industry collaboration between ICT and finance to secure a leading position in the decentralized identity market. The three companies plan to jointly explore mid- to long-term business opportunities.

Additionally, the company plans to actively cooperate in issuing non-fungible tokens (NFTs), which are recently being activated as blockchain-based digital asset wallets, and in discovering business opportunities in the marketplace sector.

Blockchain DID technology is being used for services that allow users to prove their identity without having to go through a central authority's authentication process each time, as the right to authenticate their identity is held by the individual, not a specific institution. Through this agreement, the three companies will issue and receive certificates and participate in the blockchain network.

In the future, the three companies plan to enhance the competitiveness of their DID services in their respective areas of strength.

First, SKT will provide the Initial platform and share its current DID business structure to drive synergy between the two companies. Shinhan Bank will handle the online submission of qualification verification documents required for financial services, thereby enhancing customer convenience and supporting marketing through customer channels. Finally, Samsung SDS will develop new services based on the Initial platform and implement a system to facilitate consulting and paperless document management.

SKT Certification CO-CEO Oh Se-hyun said, “We are delighted to be able to pursue convergence projects between the ICT and financial industries together with Shinhan Bank and Samsung SDS,” and “We will take the lead in developing new convergence projects for each industry and implementing customer-centered innovative financial services through the blockchain DID-based Initial service.”