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Billion-Dollar South Korean Firm Goes into Blockchain

Reading Time: 2 minutes by on February 12, 2019 Adoption, Blockchain, Business, News

South Korean firm, Kolon Group, will begin exploring the use of blockchain among several of its subsidiaries for land registration, rent payment, and others, according to FnNews, February 10, 2019.

Expanding Borders

While many in the world were initially skeptical about the viability and longevity of blockchain and cryptocurrency, the last decade has shown that the industry isn’t just innovative, but lucrative as well.

As a result, many large firms have explored blockchain for their business model and the latest to do so is the Kolon Group, a South Korean firm that deals in a variety of niches such as fashion, construction, and healthcare.

Their new exploration into the world of blockchain will be done via one of their subsidiaries. As per the report, the subsidiary will begin giving digital tokens to households that practice energy-saving measures, which is almost ironic, considering the high cost of energy required to mine most cryptocurrencies.

Another one of their subsidiaries, their construction arm, will be working on a platform through which households can pay their rent in form with cryptocurrency.

Skirting the Rules

The billion-dollar firm seems to be exploring blockchain from all ends and in a multitude of ways; their latest endeavors, however, are not limited to the private sector but also stretch into government as well.

Kolon Benit, their IT subsidiary, is working on a platform of which will make use of blockchain to process land registration in conjunction with the South Korean Ministry of Land, Infrastructure, and Transport.

This pilot, which also involves Blocko, a blockchain company, will be launched in the Island province of Jehu. This is a strategic move on their part as the province does not share the same animosity that the rest of South Korea seems to have for ICOs.

On the contrary, Won Hee-reong, the governor of the province, is outspoken on his support for cryptocurrency and blockchain, and has even promised to create a zone that will allow the issuance of ICOs, something that is banned in South Korea. This will be done by taking advantage of the province’s independent status.

Land registration appears to be a preferred sector for the application of blockchain as both the UK and New South Wales government have made use of blockchain for that purpose in the last year.

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