Ground X, Kakaobank, Kakao Pay, Consensys, Samsung and Onther are among the firms that will participate in the pilot. Phase one will be complete by December.
BOK (Bank of Korea) plans to kick off its CBDC pilot this month, after announcing last month that it had selected Ground X, Kakao’s blockchain subsidiary, as the winner of a tender to help in the endeavour.
The first phase of the pilot will focus on research and testing of the CBDC’s basic functions, such as creating, issuance and redemption of the digital won as well as secret keys and wallet functionality. This will be completed by December.
The second phase will look at more advanced concepts, including privacy-enhancing technologies, cross border payments, offline payments, and integration with digital asset systems. This is scheduled to be completed by June 2022.
According to Forbes, several companies will all participate in the upcoming tests, with the core team being made up of employees from GroundX, Kakaobank and Kakao Pay – providing development and integration into existing apps.
The CBDC will run on Klaytn, a public blockchain and built on Ethereum by Ground X, which supports 3,000 transactions per second but will be enhanced to 10,000 using scaling technology from blockchain firms Onther, Consensys and ZK crypto.