Today SK Networks announced a reorganization, including the creation of a blockchain division. The company is 42% owned by SK Group, which also owns SK Telecom (SKT). SK Networks is a major distributor of mobile phone devices sold via SKT’s stores. Other consumer-facing divisions include car rentals, selling domestic appliances, and hotels. It also has an industrial division involved in steel and chemical trading.
As part of the restructuring, SK Networks is establishing a Global Investment Center to find new paths for growth. Hence, the new Blockchain Business division will combine existing businesses with blockchain and invest in the sector.
One obvious application is to use enterprise blockchain to streamline the company’s significant logistics activities, which spans most of its businesses. However, the focus on growth points to more innovative applications. The industrial side could convert the trading of steel and chemicals into digital assets, but that wasn’t something mentioned in the announcement. Demonstrating that raw materials are sustainably sourced is rapidly becoming a requirement rather than revenue generator.
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