South Korea’s blockchain fever is reshaping the landscape of the mobile app market, with cryptocurrencies now used in various fields ranging from gaming to medical apps.
Blockchain-based apps are the latest big thing in the South Korean IT industry, as IT giants like Kakao and Naver are moving to seize on the trend, according to sources close to the industry.
LINE, Naver’s subsidiary that operates a messaging app, is accelerating efforts to lead the much-contested field by launching Unblock, a subsidiary dedicated to blockchain technology, while Kakao is also developing its own platform under its blockchain business unit Grounx X.
Startups are also flocking to capitalize on blockchain technology, including CLC Foundation that launched Calorie Coin, an Ethereum-based fitness app where users can generate ‘calorie coins’ by participating in a number of health activities.
Unlike regular games, users can generate the cryptocurrency Ethereum in blockchain-based games, which can be used to buy items or traded in for actual money without the approval from the game maker.
Speaking to BusinessKorea, Kodebox said the latest project was an experiment to see their blockchain technology adopted in the field of gaming.
“Our goal has always been to develop a blockchain platform including one that allows users to exchange cryptocurrencies and items in a game. We also have plans to release a new open source-based platform Kodechain,” the company said.