The year 2019 was a year when large companies jumped into the blockchain market in earnest, raising the possibility of commercialization. Among them are Samsung, Kakao, and Naver.
The example of blockchain commercialization is Samsung Electronics. The South Korea telecommunication giant has installed a blockchain Keystore (mobile cryptocurrency wallet) on its Galaxy S10. It also contributed to the Klaytn Project in partnership with Kakao and introduced it to the public. When the Keystore was first unveiled, there were four d-apps, but they are now running about 20 d-apps.
In addition, Samsung SDS is pushing for blockchain-based projects in various areas such as finance, logistics, manufacturing and public with its corporate-type blockchain platform “Nexledger.”
In particular, Korea Customs Service applied blockchain technology to the export customs clearance logistics service for the first time in the world.
Blockchain commercialization between South Korean tech giants
Kakao established a holding company called KakaoG in Japan last year for its overseas business. Since then, it has set up Ground X, a blockchain-specialized developer. GroundX established its own DApp blockchain platform called Klaytn’ in Singapore on June 27. The reason is that Singapore authorities are friendly to the cryptocurrency business, which makes it easier to raise funds for the project and has many tax benefits.
GroundX said in July that it would launch blockchain services of a total of 51 developers in a sequential manner through the Blockchain Mainnet launch event. They have partnerships with projects in various fields, including sports and tourism. He also issued Klaytn’s own encryption money, KLAY.
Naver jumped into the blockchain market through its Japanese subsidiary Line. In April last year, Line established its own blockchain company called Unblock. Afterward, it introduced its own blockchain link chain and LINK. They are making various cryptocurrency wallets and developer tools that can be used on a link chain.
In addition, Line received a license from Japan’s Financial Services Agency to operate its own cryptocurrency exchange called BitMax. Bitmax is planning to provide 80 million Japanese users of Line with their cryptocurrency transactions, including bitcoin. Line officially released ‘Link Me’, which is a self-encrypting wallet application, in October.
