Friday, November 22, 2019
Major Korean Companies Disclose Ongoing Blockchain Projects
Samsung to Apply Blockchain to Identity Authentication
Major Korean Companies Disclose Ongoing Blockchain Projects
  • By Choi Moon-hee
  • October 2, 2019, 11:08
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South Korea's major conglomerates have revealed their blockchain strategies at a conference of the Korea Blockchain Week 2019.  

South Korea's major conglomerates have recently revealed their blockchain strategies. Executives who lead the blockchain business at major firms, such as Samsung Electronics Co., SK Telecom Co., KT Corp., Hyundai BS&C Co. and LG CNS Co., unveiled their ongoing blockchain projects during D.FINE, the main conference of the Korea Blockchain Week 2019 held at Grand InterContinental Seoul Parnas in Seoul on Sept. 30.

Hyundai BS&C CEO Chung Dae-sun announced new blockchain development plans for the firm’s ongoing Hdac project. He said the company is planning to develop enterprise blockchain solutions which are easy to integrate with the Internet of Things (IoT) ecosystem with an aim of launching the Hdac blockchain main net in the first quarter of next year. It will also continuously pursue joint development of blockchain solutions with affiliates of Hyundai Motor Group. Hdac has been cooperating with Hyundai Motor Co. from May to create industrial innovation. It has improved a blockchain-based data management process.

Samsung Electronics is planning to establish the user-friendly blockchain environment that allows users to use blockchain applications with ease through the firm’s smartphones such as Samsung Galaxy S10 and Note 10. The company said it would provide differentiated and more diverse blockchain services compared to existing apps and focus on security and convenience.

In particular, Samsung Electronics plans to expand its blockchain services to health and identity authentication. It will use the blockchain technology to Samsung Health and offer cryptocurrencies to users as an award for exercise to encourage their participation. Its ultimate goal is to improve consumers’ convenience by simply providing various documents and certificates through mobile devices.

South Korea’s two largest mobile carriers, SK Telecom and KT, also presented their blockchain business blueprint at the D.FINE on the same day. SK Telecom is developing the blockchain-based decentralized ID (DID) service, while KT is preparing for numerous demonstration services by integrating the blockchain technology with small-scale power transaction mediation, automated overseas roaming settlement and credit card companies’ partnership settlement systems and point management systems.

In addition, LG CNS introduced a number of blockchain projects which are currently under way through its blockchain platform Monachain, such as local currency service and product supply chain management linked to local governments and universities, electric vehicles’ dead battery history management and local gift certificate issuance.