ICON Foundation, a leading blockchain-based company based in South Korea, signed two Memorandums of Understanding (MoU) in the last two days. The most recent one was with SK Planet which is based on ‘Blockchain Technology and Business Cooperation’; this was announced by ICON Foundation on 20th September. The previous day, ICON Foundation had also released an announcement of its partnership of ICONLOOP and SK Holdings C&C.
The basis of both these MoUs is the promotion of blockchain and development of healthy and progressive business environments in South Korea.
The MoU signed by ICON and SK Planet are particularly for cooperation in blockchain business. SK Planet, a well-established platform in Pangyo, South Korea, focuses on online services particularly on three core business services: e-commerce, online-to-offline services, and digital marketing. It provides Korea’s leading mobile services such as OK Cashbag and Syrup.
With the MoU in place, ICON and SK Planet will work together to create new customer values and business opportunities by linking ICON’s blockchain technology with the aforementioned mobile services. ICON also plans on developing a mid-term as well as a long-term roadmap to reap full potential of this MoU. By doing so, ICON and SK Planet plan to “transform the digital marketing framework for existing brands” in order to “enhance the customer experience in both online and offline areas.” A council member of ICON Foundation, J.H. Kim said:
Through cooperation with SK Planet, which has OK Cashbag and Syrup services already being widely used by the public, ICON will keep up the hard work to popularize blockchain.
While, JM Park, the Head of Marketing Platform division at SK Planet claimed:
SK Planet will work with ICON to derive synergies in various fields so that we can offer differentiated benefits to our customers.
In addition, both the companies will support small and medium-sized enterprises to strengthen the local economy. They are expecting to foster a fine blockchain industry by the support from blockchain developers and cooperation with academia. SK Planet’s broad customer base is an opportunity for ICON to extend its user base.
On the other hand, the MoU signed between ICONLOOP and SK Holdings C&C will allow the companies to bring blockchain usage in the financial services industry. According to the blog-post, “ICONLOOP, along with the help of SK Holdings C&C, are focusing on developing solutions for smaller, more nimble financial services firms. For example, it would certainly be possible to commercialize a blockchain model focused primarily on car insurance claims, or offer a tokenized version of mileage rewards points. These are the types of projects this MOU plans on tackling.”
Regarding the MoU between ICONLOOP and SK Holdings C&C, JH Kim the CEO of ICONLOOP remarked:
With the MOU, we expect the blockchain platform of ICONLOOP to spread to not only domestic but global financial institutions based on SK Holdings C&C’s knowledge of financial industries and its excellent technical capabilities,”
South Korea is in a tech-race with its neighbors – Japan and China, each of which is eager to develop and make further advancements in pursuing blockchain technology to transform its financial marketplaces. ICON is among the top companies providing blockchain as a service; it can be called South Korea’s ethereum, and is faring well across the globe too. South Korea is very keen on using the blockchian technology, but experts understand that it must first be known to public, thus these efforts to corporate with other popular companies come to play.
As suggested by some experts, partnerships are necessary for some cryptos to survive the trials of time. As David Gokhshtein, the blockchain adviser of Linda coin, previously stated while talking to BlockPublisher:
I truly believe that cryptocurrency will be accepted on a larger scale in the future, but I also know that 85% of the current digital currencies won’t exist two to three years from now. Now, those who form partnership with existing companies will survive. An example would be Stellar forming a partnership with IBM.