South Korea: Hyundai’s Crypto Arm Set to Launch Mainnet, dApps | BTCMANAGER

According to an October 6, 2019, report by South Korean media outlet The Financial News, Hyundai’s blockchain and cryptocurrency arm, Hdac, is set to invest $10 million in the industry to develop its own mainnet, decentralized applications (dApps), and fund other burgeoning startups with high potential and ceiling in the space.

Hyundai’s Blockchain and Crypto Arm Invests Big

In a major impetus to the world distributed ledger technology (DLT) and digital currency space, Seoul-based automotive giant Hyundai’s blockchain incubator has decided to invest as much as $10 million in the cryptocurrency industry to create an exhaustive “cryptocurrency compensation system-enabled” token ecosystem.

Per sources in the know of the matter, Hyundai stated that it is aiming to launch its blockchain network mainnet in Q1 2020. The conglomerate also shared details about its strategy to integrate blockchain technology with its two largest areas of expertise – automobiles, and construction.

Joo Yong-wan, the head of Hdac’s South Korea-based operations said that Hyundai’s construction division, Hyundai BS&C is mulling the integration of blockchain technology in an apartment the company is currently in the midst of building in South Korea. The construction arm is said to be considering fitting each apartment with a DLT-enabled wall pad computer terminal.

The executive added that Hyundai is also considering using Proof of Concept (PoC) developments for its Hyundai Motor division to be able to deploy blockchain-powered solutions to its smart homes and smart city operations.

Hdac Open to Collaborate with Others

Yong-wan stated that the Korean business empire is open to cooperation with existing major players in the country’s blockchain space including the likes of instant messaging giant Kakao.

As reported by BTCManager on November 17, 2019, Kakao had partnered with stablecoin project Terra to jointly develop a blockchain-based payments system.

Yang-wan said:

We plan to establish joint funds with financial companies to discover and foster small but promising blockchain companies.

Notably, the executive added that Hdac was especially interested in implementing DLT-based solutions to the financial industry.

In similar news, BTCManager reported on January 18, 2018, that one of Asia Pacific’s largest shipping exporters, Hyundai Merchant Marine had successfully completed the test run of its DLT-based pilot program.

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