The fourth mobile carrier in South Korea, Union Mobile announced the launch of its blockchain project called ELYNET.
Announced by Union Mobile on Sept. 11 via a release published on Yahoo! Finance, the firm says that ELYNET aims to use blockchain technology to make telecommunications more efficient for those users who rely on a single carrier for telecom service.
ELYNET will purportedly allow users to use data communication services without roaming fees and contracts. Union Mobile's CEO Seyong Ro explained that the platform will launch with an accompanying token, stating:
"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."