Hdac, the crypto subsidiary of Hyundai, is expected to invest $10 million in blockchain-based systems, including decentralized application (dApps) services, a token compensation ecosystem, and more. The information was recently released by the local news site Fn News.
According to the report, Hdac wants to launch a new token ecosystem during the first quarter of the next year. The main goal is to help Hyundai improve its operations in the automotive and construction industries by using blockchain technology.
This is not the first time that Hdac is working with blockchain and cryptocurrencies. In the past, the firm released a digital asset through a European subsidiary.
The reason to invest $10 million in blockchain technology is related to the fact that other companies in the region have been working on blockchain-based solutions.
LG, Kakao, and Samsung have already entered both the crypto and blockchain markets with different products and services.
Joo Yong-wan, the head of Hdac’s South Korea, explained the firm is also trying to cooperate with other blockchain services providers such as Kakao’s Klaytn. Joo said about it:
“We plan to establish joint funds with financial companies to discover and foster small but promising blockchain companies.”
Soon, Hyundai BS&C, the construction arm of Hyundai, is expected to integrate blockchain technology in a new Set of apartments that the firm is currently building in South Korea.
Furthermore, the company is working with a Proof of Concept (PoC) that aims at offering solutions to its Hyundai Motor division, among other things.
Kakao has also been working on a cryptocurrency called KLAY that works on top of the Klaytn enterprise-grade blockchain network.
Some reports have also suggested that LG could launch its blockchain phone to compete against Samsung and other operators that have already entered the blockchain smartphone market.
Hdac wants to improve M2M transactions by making them seamless and easy. Moreover, they want to promote reasonable consumption and accurate management for all communication and expenditures.