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…
Korea's leading digital platform, Toss, has concluded a proof of concept in collaboration with the government's Korea Minting, Security Printing and ID Card Operating Corp. The joint effort aims to create a blockchain-based system for public payments, connecting digital currency with existing payment methods. This development comes after the two entities signed a memorandum of understanding in April, focusing on the viability of blockchain-based digital currency within the public payment infrastructure.
Toss and Korea Minting, Security Printing and ID Card Operating Corp. established a distinct testing environment to examine the use of local love gift certificates. They successfully implemented the complete payment process, from the initial charging of gift certificate tokens using blockchain-based digital currency, through to actual transactions and merchant settlements.
The system leverages Optimism, an Ethereum layer 2 network, to efficiently process transactions while maintaining links with existing payment systems. Additionally, the companies tested Privacy Boost, a privacy solution intended to safeguard sensitive transaction data from public blockchain exposure 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.
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- Toss tests blockchain system for public payments koreatimes.co.kr
