Union Mobile, one of the biggest South Korean mobile phone operators has officially launched its blockchain-based project called ELYNET. The project uses blockchain technology to create a decentralized telecom platform that makes communication more efficient for users. According to the official announcement, ELYNET will ‘effectively eliminate the need for expensive data centers for wireless communications, allowing users to enjoy superior telecom quality at dramatically lower costs.’
ELYNET offers a lot of innovative features like a shared economy where purchased data like gigabytes, can be shared between users or gifted to family members. The unused data can actually be sold, however, users don’t necessarily have to worry about it since purchased data never expires.
Peer-to-Peer international calls are almost free and there is no need for foreign SIM cards. ELYNET offers its users coverage in areas that not even big domestic providers have access to.
Additionally, ELYNET provides scalability using an advanced consensus algorithm as well as a simplified authentication process. Because ELYNET is decentralized and uses blockchain technology, users’ data is private, users control their personal data.
Mobile Operating System
ELYNET has its own mobile operating system called CRUDE. Users have to use the ELYNET operating system to have access to the communication system allowing them to buy data using ELYNET tokens, called ELyX.
ELYNET’s MVP (Minimum Viable Product) was presented in January 2019 and helped Union Mobile obtain around $1 million to further develop the platform.
Blockchain Use-cases are Improving
It seems that companies are increasingly making use of blockchain technology to improve their current business. Will all future businesses use blockchain technology? It doesn’t seem too far fetched right now.