Toss Completes Blockchain-Based Payment Technology Verification with Korea Minting and Security Printing Corporation

Viva Republica (Toss) announced on the 18th that it has completed the technology verification (PoC) for a "Blockchain-Based Public Payment Infrastructure" in collaboration with the Korea Minting and Security Printing Corporation. This verification is a follow-up cooperation to the strategic memorandum of understanding (MOU) signed in April, aimed at preparing for the payment and settlement environment of digital currencies. The two institutions established a test environment for local love gift certificates, charging gift certificate tokens with blockchain-based digital currency and implementing the entire process from payment to merchant settlement. The blockchain infrastructure is based on Optimism, an Ethereum Layer 2 ecosystem, and tested a structure that links the transaction processing of digital currency transfer history with existing payment systems. Additionally, to prevent the exposure of transaction information, the privacy solution "Privacy Boost" was applied. The verification results confirmed the possibility of utilizing blockchain-based digital currency as a payment and settlement method while maintaining the existing public payment infrastructure. Toss and the Korea Minting and Security Printing Corporation expect that if this structure is applied to actual services, small businesses will be able to secure sales proceeds earlier and reduce settlement costs. A Toss representative stated that they will continue to verify payment and settlement infrastructure that can alleviate the burden on small businesses, based on regulatory compliance.

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