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Big South Korean Companies Continue Blockchain Spending Drive

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South Korea’s biggest businesses are continuing to dominate the nation’s blockchain industry.

Source: iStock/JasonDoiy

Per news outlet Maeil Kyungjae, the country’s Software Policy & Research Institute has revealed that seven out of South Korea’s top 10 largest companies have begun integrating blockchain technology in their services, with “large enterprises” accounting for 86% of blockchain-related spending in 2018.

Total blockchain spending in the country last year totaled just under USD 110 million, the institute estimates.

South Korea’s business scene is dominated by large, often family-run business groups, which are now introducing blockchain technology to manufacturing, distribution, electronics, logistics, banking, finance and telecommunications operations. This factor, the media outlet states, is leading to the “accelerated development” of blockchain-powered industry.

Maeil Kyungjae gives the example of the SK Group. The conglomerate, which began blockchain-related business operations in 2016, has already launched a mainnet, and is now looking at blockchain integration options for its OK Cashbag platform subsidiary, the largest loyalty program in Korea, and its nationwide network of SK gas stations.

Reports from earlier this year claimed top-level executives at OK Cashbag have held talks about issuing cryptocurrency-related reward programs.

Meanwhile, the same news outlet has reported that Samsung, another big blockchain spender and possibly the country’s richest company, is also looking to up its blockchain game. The group’s internet services subsidiary, Samsung SDS, is set to create a blockchain-powered mobile ticketing solution.

The company says the ticketing solution will make use of the Samsung SDS Nexledger platform.

Samsung SDS is also holding an open ideas contest for would-be developers wishing to make use of the Nexledger mainnet – with the promise of financial and technical support for developers whose proposals are selected.