- Samsung and BOK collaborate on CBDC research, exploring offline digital payment solutions.
- The partnership aims to ensure offline CBDC payments, even in disaster scenarios without the internet.
- The alliance builds on a previous pilot study, aiming to minimize security threats.
South Korea’s Central Bank (BOK) and technological powerhouse Samsung Electronics have announced their collaboration in Central Bank Digital Currency (CBDC) research. This news comes amid a worldwide pivot by major governments towards the concept of digital currencies.
The noteworthy partnership was commemorated with a ceremony held at Samsung’s Digital City in Suwon, where both parties signed a memorandum of understanding. This agreement underscores their commitment to propel forward the research on CBDC and foster collaboration in the often-overlooked offline payment sector.
CBDCs, essentially digital currencies issued by central banks, harness the power of blockchain or distributed ledger technology. They represent a cutting-edge evolution in global monetary practices.
Prior to this collaboration, Samsung had dipped its toes in the digital currency realm through its involvement in the second phase of BOK’s pilot study on the digital asset. This study demonstrated the feasibility of CBDC transfers and payments between devices via near-field communication, even in the absence of internet connectivity.
With this partnership, the duo aims to capitalize on this technology to bolster security and minimize threats associated with offline payments using Samsung’s ubiquitous smartphones and smartwatches.
Moreover, they are committed to ensuring that payment is feasible in calamitous situations where internet availability is compromised. This initiative underscores their commitment to innovating resilient, user-friendly financial solutions in our increasingly digital world.
Read also:
Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
José is a crypto enthusiast who trades crypto night and day. He loves to share his trading stories and experiences in all his published articles. José likes to hang out and travel to meet new friends. Enjoys sushi, vodka, and tequila.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoAiStream. Web3 Data Intelligence. Knowledge Amplified. Access Here.
- Minting the Future w Adryenn Ashley. Access Here.
- Buy and Sell Shares in PRE-IPO Companies with PREIPO®. Access Here.
- Source: https://cryptonewsland.com/samsung-and-bank-of-korea-pave-the-way-for-cbdcs-future/
