Kakao's Blockchain Platform ‘Klaytn' Goes Live For Enterprise Services, Including LG

Kakao’s blockchain subsidiary Ground X on Thursday launched a public network platform for companies and developers, as dozens of regional tech giants pledged to work with it to promote blockchain-based businesses, Cointelegraph reports.

The platform from the Tech giant that emphasizes on decentralized apps (Dapps) is expected to drive a major country wide adoption of blockchain technology. Various renowned firms in the Korean region are already using the technology and including the electronics giant LG.

Klaytn is designed for easier access and faster speed compared with existing blockchain platforms, and various companies joined the test operations since October last year.

Currently there are 9 Dapps are available on the network and comprise a program which rewards diners after leaving restaurant reviews and another one which incentivizes people to upload funny videos.

Kakao said it has adopted a reward system, such as Proof of Contribution. The users can be awarded Klay for their contribution to the Klyatn platform. Kakao is optimistic that by the end of October there will be more than 30 Dapps in the platform.

Ground X head, Han Jae-sun, said that the release of the platform will chart the way for commercialization of the blockchain system. Han explained that the market value of the participating companies is about 75 trillion won ($64.8 billion). He stated:

“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.”

According to Kakao, there are two forms of partners that can use the Klatyn network. Some applications will have the liberty to develop their own cryptocurrency for different blockchain transactions while others have to use Kakao’s own crypto, the Klay for rewarding participants.

From Decentralized Dapps to Bapps

Rather than referring the apps within the platform as decentralized app, as is the commonly used term for distributed characteristics in blockchain, Kakao will use Bapp for its blockchain apps. The firm explained that this will help in widening Kakao’s blockchain ecosystem for different commercial services.

An official from the company explained:

“Basically, BApp is the same as Dapps. We want to give the impression that users are capable of experiencing various blockchain services based on the Klaytn platform.”

In addition, major companies in the southeast asia will work closely with Kakao to enhance the management of Klaytn ecosystem. A total of 20 corporations have come together to create Klatyn’s governance council and will take part in decision making process.

The council members will be tasked with decision making on various important business decisions in the Klaytn ecosystem as well as operating its consensus nodes. The council members will also be involved in discussions on the development of major services as well as integrating blockchain with existing businesses.

Will Klatyn lead to massive adoption of blockchain technology in Southeast Asia? Will partnering companies help in enhancing blockchain in mainstream business? Let us know in the comments section.

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Joseph Kibe
Joseph Kibe
Joseph is a blockchain and cryptocurrency enthusiast, with a strong conviction that exposure of blockchain technology is for the good of the society. Fascinated by the massive potential of cryptocurrencies and the technology behind them – blockchain – Joseph spent lots of his time learning more about the industry, becoming a polished expert writer in the sector. He covers any cryptocurrency and blockchain related content.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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