Blockchain’s already going mainstream, and in South Korea, Klaytn, the leading blockchain project led by Kakao, is like to disrupt the Asian market.
Klaytn’s mainnet launched in June 2019. It combines public and private blockchain best features, from decentralized data and control to low latency and high scalability via an efficient hybrid design. With a mission to drive mainstream adoption of blockchain, it focuses on empowering businesses to offer readily usable blockchain services with responsiveness and robustness on par with those based on legacy technologies. This will help remove adoption hurdles.
A governance council that sees Klaytn join forces with some of Asia’s largest enterprises, including LG Electronics, Netmarble, Binance, and Axiata Digital was launched at a gathering in Seoul in late November. The council will own the platform and is dedicated improving platform transparency and trust as well as developing user-friendly blockchain services.
Klaytn provided the Council members with the functional guidance and tools on operating consensus nodes and partaking in governance, as they are key decision makers for Klaytn’s major business and technical agenda. Council members then discussed how they are leveraging Klaytn to grow their blockchain business and build market awareness. UnionBank of the Philippines introduced its strategic initiative towards vitalizing the blockchain market in Southeast Asia, while China-based mobile marketing platform Yeahmobi introduced its decentralized advertising solution. WeMade, Neoply, and Gumi also showcased their blockchain game services, set to roll out early next year.
Additionally, council members explored inter-company, cross-regional opportunities to realize greater synergies for business momentum. Considering Asia’s lively blockchain market and an audience eager to embrace new technologies, the Klaytn Governance Council is expected to accelerate blockchain application development in various industry domains.
Klaytn also announced that some of Korea’s most powerful conglomerates including SK Networks (steel, energy trading, hotels), GS HomeShopping, and Hanwha Systems (smart technology for defense electronics and IT infrastructure) have joined the Governance Council. With the new firms onboard, the council now has 27 members.
Further, Klaytn announced that its digital wallet, Klip, embedded in KakaoTalk, will be released by the first quarter of 2020. KakaoTalk messenger has over 50 million active users with 96% penetration in South Korea.