System platform enabling payments with K-Coin to open in November

KT announced that it has signed a business agreement with KT Mhouse for the development of technology for blockchain-based financial transactions. Under this agreement, the two companies plan to jointly research blockchain technology and cooperate to promote financial transaction businesses.

KT Mhouse plans to apply KT's blockchain technology-based cryptocurrency platform 'K-Coin' to its mobile gift certificate 'Giftishow' service to build its own point system capable of issuing, accumulating, and paying various points, and will pilot open a point management platform in November.

KT plans to expand its blockchain into a next-generation financial transaction platform by the first half of next year that enables the distribution of various electronic currencies, such as gift certificates and cryptocurrencies, as well as direct transactions between customers, in addition to points. It is expected that such a blockchain-based platform will be able to provide a wider range of benefits to consumers by facilitating integration and partnerships with external points through groundbreaking service scalability and high operational efficiency.

Hong Kyung-pyo, Head of the Convergence Research Institute at KT's Convergence Technology Institute, stated, "Applying the blockchain technology developed by KT to the issuance and distribution of various digital assets enables more convenient and secure financial transactions." He added, "Through cooperation with KT Mhouse, which has been engaged in online commerce businesses such as mobile gift certificates for over a decade, we will ensure that consumers can enjoy this innovative blockchain technology in their daily lives."

Cho Hoon, CEO of KT Mhouse, stated, “Blockchain, with its superior security and transparency, is an innovative technology that will drive the evolution of the electronic payment and online commerce industries,” adding, “KT Mhouse will accelerate the arrival of a cashless society by providing safer and more diverse payment methods and services based on blockchain.”