The South Korean messaging giant, Kakao, has signed a partnership with an Irish startup called Festy in order to develop a blockchain-based payment system.
The information was released by the Irish news outlet Fora on March 23.
Festy and Kakao Work on New Blockchain Services
The main intention behind this partnership is to focus on applying blockchain technology to a blockchain-based payment system and an analytics application.
The blockchain network that will be used is known as Klaytn and it has been developed by Kakao subsidiary Ground X.
Festy was founded in 2016 and it started as a product for wristbands at a music festival. The firm was able to store payments and ID data for users not to carry cash or cards on the campsite.
Festy founder, Graham de Barra, commented:
“What they like about us is a ticketing system for checking in and checking out for clubs and other types of live events. It’s very good for organisers of events to see the flow of people in their events and they have this auditable real-time ability to see it on chain.”
The new system created will be focusing on privacy and it will allow customers to have greater control and view of their data and how is collected. With blockchain technology, consumers can get remunerated for contributing to the big data that is being built around them.
Flaytn’s testnet has been released before its formal launch that was set for the first quarter of the current year. Kakao has also announced a new partnership with the stablecoin known as Terra, that will be using Klaytn as a blockchain-based payment system.
Kakao has been trying to enter the crypto market and play a more important role in the cryptocurrency space. The firm is moving towards new businesses such as blockchain and AI. The operating expenses related to these new investments reach $57.5 million.