A South Korean mobile carrier, Union Mobile launches a blockchain project, named ELYNET.
ELYNET professes to be the first blockchain telecom company.
“Most of the members of our project team have built their careers at existing mobile carriers, including LG U+, and we have received support from talented people who have worked at KPMG and Samsung for the design of the token economy. This will help us to realize our business. When users connect to the communications network through ELYNET’s own operating system, they can purchase data through ELyX, a token used in ELYNET’s ecosystem, and freely enjoy mobile data communication anywhere in the world without roaming fees or contracts”. Union Mobile’s CEO Seyong Ro
Blockchain in Telecom
ELYNET doesn’t need to face regulatory compliance to work as a mobile operator through the use of distributed ledger technology.
The company secured $1 million funding in its first funding round.
It is planning to expand its parent company Union Mobile through the implementation of distributed ledger technology.