South Korea uses blockchain


In South Korea, most of the people don’t use Facebook’s Messenger but KakaoTalk, mobile messaging application. It allows the society to text each other via their mobile devices.

Kakao, the specialistic organization for real South Korean KakaoTalk and KakaoPay, will build up a Blockchain subsidiary tentatively, probably named “Kakao Blockchain” and is thinking about propelling an Initial Coin Offering (ICO). This information is reported by Huffington Post Korea detailed today, March 5.

The representative of the new organization called Kakao Blockchain, will be an experienced person who is already a partner and Chief Development Officer of technology startup incubator Future Play – Jae-sun Han. Official business plan for Kakao Blockchain will be presented on March 20.

Presently, local ICOs based in South Korea are unlawful, so ICO of Cacao should probably be conducted in another country like Singapore and Hong Kong. That’s why, it intends to lead ICO abroad and to enable it to be purchased and sold at real household exchanging destinations. Cacao is a noteworthy investor with a 20% stake. The theoretical “Kakao Coin” could then be utilized as local money on different Kakao-gave applications, as KakaoTalk, Kakao Driver, and Kakao Games.

As Joseph Young tweeted, mobile payment service of KakaoTalk and KakaoPay has “90% penetration in messaging and fintech markets in South Korea”:

“Kakao Coin” will enable Kakao to grow its worldwide substance business. For instance, when a Kakao coin is added to the Picco, a backup of Japanese cacao in Japan, it can be connected to different stick tech organizations, for example, straightforward settlement.

In Korea, it is conceivable to take control of the versatile business showcase by utilizing Kakao coin rather than cash by joining different Kakao administrations, for example: KakaoTalk, KakaoDriver and KakaoGame. It is possible to secure the charging information of the client and further increase the purchasing power of the existing content ecosystem through the coin.

An industry official said:

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