Toss tests blockchain system for public payments
Toss, Korea’s dominant financial super-app, has completed a proof of concept with the state-run Korea Minting, Security Printing and ID Card Operating Corp. for a blockchain-based public payment infrastructure connecting digital currency with existing payment systems, the companies said Friday. The project follows a memorandum of understanding signed in April and examines whether blockchain-based…
South Korea's leading financial super-app, Toss, has successfully tested a blockchain-based public payment infrastructure in collaboration with the country's state-run Korea Minting, Security Printing and ID Card Operating Corp. The proof of concept aims to connect digital currency with existing payment systems, as announced by the companies on Friday.
This development comes after a memorandum of understanding was signed in April, focusing on the feasibility of blockchain-based digital currency integration with public payment infrastructure.
To validate the system, Toss and Korea Minting, Security Printing and ID Card Operating Corp. established a separate test environment specifically for local love gift certificates. They then implemented the entire payment process, starting from charging gift certificate tokens using blockchain-based digital currency, through to payments and merchant settlements.
The system leverages Optimism, an Ethereum layer 2 network, to process transactions while bridging digital currency transfers with those handled by the existing payment systems.
In addition to the transaction processing demonstration, the companies also evaluated Privacy Boost, a privacy solution aimed at safeguarding sensitive transaction information from visibility on a public blockchain during payments.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Toss tests blockchain system for public payments koreatimes.co.kr
