Ikenna Uwakwe has been a writer since he could hold a pen. Having a lot of literary works in his portfolio including Poems, Articles and Essays. He enjoys a natural likeness for anything related to technology. His Educational background includes computer science and programming. As a seasoned cryptocurrency enthusiast with a professional writing career path of over two years of blogging for blockchain related companies. Working with various Fintech startups in the past, has aided him to better understand what IT proponents as well as financial Investors look out for.
South Korean Multinational Company – LG Corporation, recently announced its involvement with blockchain technology. Coming into a business agreement with Ground-X, a subsidiary the South Korean Internet Company – Kakao.
According to sources, LG has officially delved into the spheres of blockchain using public decentralized network provisioned by Ground X, a blockchain affiliate of South Korea’s leading Internet company – Kakao. The platform dubbed ‘Klaytn ‘ is able to procure such decentralized features as smart contracts, a decentralized transactions mechanism, digitizing assets and securing data unto an underlying blockchain infrastructure.
Kakao’s instant-messaging app – KakaoTalk is available in 25 languages and regarded as the number one messaging app for smartphone users in South Korea, dominating 93% of the populace using instant-messaging app in this region. As of May 2017, it has recorded a grossing 220 million registered users including 49 million monthly active users. Following a row of recent reports, indications are, that the company has future plans to integrate its native ’Klay’ cryptocurrency into this messaging app with a wide range of subscribers.
This decentralized platform, better known as ’Klaytn’, would serve as a third-party dApp, that can seamlessly be incorporated into the core of existing systems.
LG Corp is regarded as the fourth largest industrial conglomerate in South Korea and one of the biggest manufacturers of gadgets that cuts across: Home Entertainment, Mobile Communications, Home Appliances & Air Solutions as well as Vehicle Components. As a holding company with a global sales of over $9.7B, LG Corp subsequently oversees and operates through its various subsidiaries which include: LG Electronics, LG Chem, LG Uplus, LG CNS, SERVEONE, LG Siltron, LUSEM, LG Solar Energy and LG Sports in more than 80 countries worldwide.
At Thursday, Kakao blockchain subsidiary Ground X formally introduced its ’Klaytn’ mainnet into the commercial market for companies and standalone developers that tends to promote intrinsic cryptographic automation granting enterprise-based businesses, easy access, and faster transaction speed that are not usually fraught with conventional blockchain platforms.
In light of this, the project would be pioneered by Kakao’s affiliate companies such as Kakao Pay, Kakao Page, Kakao Games and Kakao IX but not only limited to these companies. As it has caught the eyes of other companies within the country including LG, Celltrion and Netmarble, Union Bank of the Philippines alongside top Fintech companies within the South-eastern Asia Region.
Emphasizing on the need for an increased cooperation between the combined markets of the traditional and nascent trading ecosystem which could sum up to a total of $64.8 billion, Ground X Chief – Han Jae-sun said:
“The launch paves the way for commercialization of the blockchain system.
By working with such valuable and responsible companies I expect we can improve the platform’s stability and reliability. In order to create a better ecosystem, we will increase the number of partners.”
The platform supports businesses to embed their own cryptocurrency into the Klaytn platform. It would, however, require certain applications to use Kakao’s in-house ’Klay’ tokens to initiate blockchain transactions.