South Korea's SK Group launches a donation platform based on blockchain technology along with two types of tokens.

South Korean holding company SK Group utilizes Ripple Fork to develop a donation platform. Additionally, the platform will support stablecoins at a 1:1 ratio and utility tokens.

SK Group is one of the largest conglomerates in South Korea, currently the third-largest chaebol in Korea, with 95 subsidiary companies and affiliates, mainly engaged in the energy and petrochemical sectors.

Ripple is a distributed open-source protocol built in 2012 that supports token binding of fiat currencies, cryptocurrencies, commodities, or other value units, such as common miles or mobile minutes. It is currently adopted by banks and payment networks as settlement infrastructure technology.

According to the technical publication IT Chosun of Chosun Ilbo, the donation platform is still in the planning stage. SK's Lee Sun-min explained that regulatory and infrastructure development issues are obstacles to launching the platform.

The platform will utilize Ripple, a real-time gross settlement system (RTGS) from Ripple Labs in San Francisco, built using the Xcurrent solution. Once completed, the platform will allow low-cost peer-to-peer (P2P) foreign exchange transactions, eliminating intermediaries.

Regarding the details of the donation system, the platform, named "ChainZ," will rely on:

• Supported stable coin Social Value Coin (SVC) for donations, which will be exchanged 1:1 to Korean Won and used for actual donations.
• Utility token Social Value Power (SVP) as rewards, distributed as compensation to users of the platform.

In essence, donors of SVC will receive one-thousandth of the total SVP. For example, donating 50,000 SVC will yield 50 SVP, which can allegedly be used to purchase goods.

Blockchain in Social Welfare Development

As previously reported, the Pennsylvania-based charity foundation announced their plans to launch a token supporting women's health in July. A collaboration of 46 organizations, including Ripple, promotes the "Pink Care Token" (PCAT) to support women's health in developing countries. PCAT is issued on the Binance Chain for a year's supply of hygiene products to be delivered to a region in Uganda.

Further Reading

• Longenesis to Introduce Blockchain to Transform Healthcare Services in South Korea
• Samsung Teams Up with Financial Consortium to Develop Mobile Identity Authentication System

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