South Korean Startups With Large User Bases are Switching to Blockchain
From the food to entertainment industries, some of the largest startups in South Korea are making the switch to blockchain. Boasting over 10 million users, some of these startups are showing interest in integrating the digital ledger technology.
For instance, “Watcha,” is developing a Contents Protocol for its Netflix-like video streaming services. The protocol would allow content developers of films, TV, webtoons, etc. to receive benefits of a better copyright distribution. That said, each participant behind a creative project would receive royalties and fees reasonably via Watcha’s institutionalized blockchain asset CPT.
Teddy Zee, a renowned Hollywood film producer, had said
“There are many great blockchain ideas out there. But there aren’t many that already have customers, have a relationship with content providers, and who have a tech team and customer service in place, trusted by users and partners”.
Another entertainment company experimenting with blockchain is “Battle Entertainment” and they are looking to use it for webtoon services. It has launched Fiction Network, a digital content distribution network, which would directly connect creators and users to shoot out middlemen fees that are otherwise prevalent in the webtoon industry.
In the food industry, Baedal Minjik, a food delivery startup whose annual revenue surged 80 percent last year, has partnered with Terra, a blockchain-based digital money project backed by a $32 million fund, to develop a cryptocurrency-enabled payment system within its food delivery app.
Also, Joonggonara, a major used goods marketplace in South Korea, have shown interests in integrating the digital ledger technology. The company wants to deliver more value to its 16 million subscribers by tweaking its goods trading system with blockchain.
South Korea’s biggest commerce platform has partnered with Actwo Lab to study a safe and transparent system for trading used goods. The blockchain is expected to innovate the process by introducing double encryption and distributed consensus features on a platform that generally lists 20,000 products every day.
The leisure industry is not left out. Yanolja, a travel consultancy startup which has recorded an annual growth rate of 150% without any foreign investment. Yanolija, like Baedal Minjik, has partnered with Terra to enable their crypto-focused payment platform that would cut the payment fees from 2-3 percent to 0.5 percent.
The growing number of big – and even small – startups that are diving into blockchain validates South Korea as the most potent global hub for the industry.