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Korea's biggest startups look to integrate blockchain to 10 million subscribers

11 Oct, 2018
by Ryan Boltman
News
Korea's biggest startups look to integrate blockchain to 10 million subscribers

Korea's top startup companies are looking to integrate into blockchain ecosystems to assist them in delivering value to over 10 million subscribers, according to Business Korea.

Several startups have partnered with blockchain ecosystems to focus on cryptocurrency payment systems including Baemin, a food delivery service app. Baemin have joined blockchain project Terra. Terra is a cryptocurrency payment platform, looking to implement their cryptocurrency solution this year.

Also joining Terra, is Yanolja, a popular leisure platform. Terra will be providing Yanolja with a blockchain-based payment system utilizing Terra's payment platform Terra X. The goal for Yanolja partnering with Terra is to reduce the proxy fee by roughly 1.5-2.5%. The savings on proxy fees will be reimbursed to customers as a discount fee.

Terra is also looking at creating a "Terra Alliance" by inviting further companies and startups to make use of their payment project.

Used goods marketplace startup Joonggonara which currently has over 16 million active users per month, will be looking at creating a safe and transparent solution by partnering with Actwo Lab.

Other popular startups looking to implement blockchain technology include bed and breakfast company Kozaza, as well as Watcha, the Korean television streaming service.

One of the biggest benefits startups will see when implementing blockchain is the removal of intermediaries, therefor cutting costs and saving consumers money.

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