Korean internet giants race for leadership in blockchain ecosystem

2019.07.09 13:35:53 | 2019.07.09 13:36:41

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Korean internet platform leaders Naver Corp. and Kakao Corp. are accelerating their move to build a blockchain ecosystem with their own digital tokens, jumping on the global blockchain bandwagon.

Mobile platform leader Kakao on Tuesday unveiled nine blockchain projects including food data marketplace ‘HintChain,’ short-video entertainment service ‘Antube,’ and image-based social media service ‘Pibble.’ All the services are offered based on the company’s blockchain platform ‘Klaytn,’ operated by its subsidiary Ground X.

The company currently has 34 partners that adopt the Klaytn blockchain platform, allowing them to compensate the service users who write restaurant reviews on HintChain and upload videos on Antube with its digital token ‘Klay’. The service users can use the Klay token to make payment for services such as dining at partner restaurants.

Naver, another Korean internet giant, also is aggressively expanding its own blockchain ecosystem. Last year, Naver launched cryptocurrency ‘Link’ and blockchain network ‘Link Chain,’ both of which were built by its subsidiary Line. The digital token began trading through global digital asset exchange BITBOX*2 in Singapore late last year.

In line with the launch of the digital token, the company introduced five blockchain-based apps: market prediction service ‘4Cast,’ knowledge-sharing platform ‘Wizball,’ product review app ‘Pasha,’ food review app ‘Tapas,’ and travel app ‘Step.’

As the winner in the blockchain tech race is expected to gain the lead in a future tech platform war, tech companies, including internet companies and blockchain developers around the world, are rushing to build blockchain network. Social media tycoon Facebook recently unveiled its own digital coin Libra, which its nearly 2.4 billion users would be able to use to make purchases through Facebook and its affiliated platforms Instagram and WhatsApp.

By Oh Dae-seok and Cho Jeehyun

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]