Another Korean Conglomerate Jumps on the Chain

Samsung has been making headlines with leaked images that bolster rumors that the company would integrate a crypto wallet into its soon-to-be-released Galaxy S10 smartphone, a development that could expose potentially millions of Galaxy users to cryptocurrency. But the electronics giant isn’t the only major Korean conglomerate jumping into blockchain.

As Cryptonews reports, the Kolon Group – a sprawling business group with subsidiaries in auto parts, fashion, construction, healthcare, chemicals and textiles – is diving into the technology. And it’s doing so with uncommon enthusiasm. The Korean-language crypto news website The Block Post notes, “Unlike most large corporations, which are pushing services based on blockchain and crypto technology behind the scenes in the current lukewarm legal and systemic environment regarding blockchain projects, the subsidiaries of the Kolon Group are not only participating in the government’s trial blockchain and crypto projects, but are also actively supporting and collaborating with related startups.” (translated from Korean)

The company’s most recent blockchain venture involves its IT subsidiary, Kolon Benit, which has formed a consortium with the blockchain company Blocko to run a pilot real estate registration system launched by the Ministry of Land, Infrastructure and Transport. This pilot, currently underway at 11 financial institutions in the relatively crypto-friendly island province of Jeju-do, uses blockchain technology to enable the real-time exchange of real estate information as digital data rather than paper documentation.

Another Kolon subsidiary is working on a cryptocurrency solution that would reward households for saving energy. And yet another is collaborating with a blockchain startup to create a system that allows residents to pay their rent in cryptocurrency.

With their vast financial resources, advanced infrastructure and influential political connections, major corporations can really promote the development and adoption of blockchain technology in Korea. This goes without saying.

A recent article in the New York Times, however, suggests that with corporate investment in blockchain increasingly overshadowing small investors, ordinary people are having an even tougher time making money in crypto. And if you saw blockchain as a means to reduce the control big companies and government regulators had on your life, perhaps corporate- and government-backed projects aren’t necessary the way you want to see the technology go. But the technology is still young, so who knows how things will shake out in the end.

Other Korean Crypto News