Kakao works on blockchain platform for service companies

[Courtesy of Kakao]

SEOUL -- Ground X, the blockchain service wing of South Korean web service company Kakao, has revealed plans to unveil a new blockchain platform in June mainly for companies which provide blockchain-based services such as ride-sharing, social dating and network gaming.

Ground X CEO Han Jae-sun Kakao stressed that the new service called "KLAYTN" is aimed at providing a lightning-fast processing speed. "Our premise is that the processing time should not exceed one second."

"We will develop a platform to ensure that not only users but also developers and service companies will not be inconvenienced in developing and using blockchain services," Han said in a showcase event on Tuesday.

Ground X has partnered with 26 global companies including Uchain, a global blockchain-based public transport infrastructure company, and Palette, a blockchain-based Japanese social dating service company. Currently, 17 companies are hooked onto KLAYTN's test network.

"So far, there have been no blockchain projects that started with this size of users or partners," Han said, adding Ground X aims to expand the number of partner companies to 100. He did not rule out the initial coin offering (ICO), a funding process aimed to boost the development of new cryptocurrencies.

KLAYTN's test network was launched in October 2018, and Ground X plans to release Baobab, another test network, on March 29.

Park Sae-jin swatchsjp@ajunews.com

Kakao works on blockchain platform for service companies

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