South Korea's largest wireless carrier SK Telecom announced that it has signed an MoU (Memorandum of Understanding) with Verizon, the largest wireless telecommunications provider in the United States, to develop 5G technical specifications, according to SK Telecom's press release on August 16. Under the agreement, Verizon and SK Telecom will turn 5G technical specifications into global standards and carry out joint studies to identify innovative 5G use cases and applications. Both companies have also agreed to strengthen their cooperation on OCP (Open Compute Project) and M-CORD (Mobile Central Office Re-architected as a Datacenter). Verizon has been cooperating with Asian telecom operators such as KT (Korean Telecom) and Japanese carrier NTT DoCoMo to launch a 5G network for the upcoming 2018 Pyeongchang Winter Olympic Games and 2020 Tokyo Olympics, respectively.