Kakao, Korean Government Plan To Solve Social Problems With Blockchain Technology

June 12, 2018 2:45 pm Published by

GroundX has announced a partnership between the company and a government-backed agency to develop blockchain projects focusing on social and public services, CoinDesk reported.

GroundX, the report said, is the blockchain subsidiary of the South Korean messaging giant Kakao.

CoinDesk Korea reports Lee Jong-Gun, who joined GroundX from a UN big data initiative last month, announced the joint venture during the firm’s “Blockchain for Social Impact” event.

According to the report, GroundX will work with the Seoul Digital Foundation, an organization created by the Seoul Metropolitan Government in 2016 to advance digitization of the city’s infrastructure.

Lee, CoinDesk reported, presented several instances where blockchain is being used to solve social issues, such as tracking the temperature during the distribution of heat-sensitive vaccines in developing countries.

Speaking at the event, GroundX CEO Han Jae-sung cautioned blockchain is not a panacea and projects will likely take a “hybrid approach,” with only vital parts moved to blockchain, while the remainder will remain on legacy systems, the report said.

The development process will start in the second half of 2018, he added.

Kakao’s announcement comes just months after it launched plans to create its own blockchain platform by the end of this year.

WN.com, Jack Durschlag

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