Toss Tests Blockchain-Based Public Payment Infrastructure in Korea

Toss, Korea's dominant financial super-app, has been working on a blockchain-based public payment infrastructure to connect digital currency with existing payment systems. The company has completed a proof of concept (PoC) with the state-run Korea Minting, Security Printing and ID Card Operating Corp.

The PoC examines whether blockchain-based digital currency can work with existing public payment infrastructure, as per a memorandum of understanding signed in April between Toss and Korea Minting. The project built a separate test environment for local love gift certificates and implemented the full payment process, from charging gift certificate tokens with blockchain-based digital currency to payments and merchant settlements.

The system uses Optimism, an ethereum layer 2 network, to process transactions while linking digital currency transfers with transactions handled by existing payment systems. The companies also tested Privacy Boost, a privacy solution designed to protect sensitive transaction information from exposure on a public blockchain during payments.