- 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.
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