South Korea’s Kakao to Integrate Blockchain Technology

Looks like we have yet another company moving into the blockchain industry. This time it is Kakao, a South Korean internet behemoth, known primarily for owning a popular messaging app.

Kakao And Blockchain: What Do We Know?

Local reports surfaced yesterday that South Korea-based Kakao is discussing whether or not the company should start integrating blockchain technology into its corporate model. This, of course, wouldn’t be the first company to discuss a move like this. Over the past two weeks, we have seen the following announcements surface regarding blockchain: Taiwan’s central bank is going to start exploring blockchain technology in more depth, the United Nations has teamed up with a crypto wallet startup to explore the technology, and just yesterday, Chile announced that it will be adopting blockchain technologies in order to monitor its electricity grid.

As for this South Korean internet giant, the common consensus going around is that Kakao is thinking about rolling out a wholly-owned subsidiary that will focus primarily on creating various blockchain applications. Further, there have been reports that state Kakao confirmed that it is going to be developing a blockchain unit. However, we have no details about this unit thus far.

While this is not the only company to announce a sudden interest in blockchain technology, it’s also not the only messaging giant in East Asia that is thinking about integrating blockchain or cryptocurrencies. In fact, earlier in 2018, a messaging giant in Japan announced that it will be creating a new company that will provide cryptocurrency transactions.

The Takeaway

If this isn’t more proof that blockchain is taking over the world, then I don’t know what is. I forecasted a long time ago that blockchain will one day become more popular than cryptocurrencies like bitcoin, and every week an announcement is made that seems to confirm that forecast.

What do you think?

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