Kakao Eyes Blockchain as Social Problems Solution

KAKAO

The South Korean messaging platform Kakao has recently announced through its blockchain subsidiary GroundX that it will be collaborating with the Seoul Digital Foundation to address its problems on social and public services.

The announcement was made by GroundX’ Lee Jong Gun at the ‘Blockchain for Social Impact’ event on June 11. Lee joined GroundX just recently from a UN big data initiative.

The said subsidiary will collaborate with Seoul Digital Foundation, which was created by the Seoul Metropolitan Government two years ago, even though they thought better than to disclose the magnitude of the partnership. However, Lee explained that blockchain is already being employed to solve many societal issues, and that which propelled them come up with the partnership.

The development phase will begin later this year, revealed Han Jae Sung, the CEO of GroundX. However, he said that blockchain is not necessarily a panacea and that the project would most probably take a ‘hybrid approach’, utilizing only the aspects in blockchain that they deem necessary.

The announcement is congruent with what the messaging platform giant has said when it launched GroundX earlier this year, claiming even that it will create its very own blockchain platform before this year ends.

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