The rapid growth of the blockchain industry can’t be overlooked. As per statistics, the global blockchain market is anticipated to be worth $20 Billion in the next four years. Due to its highly secure and encrypted quality, the technology is being preferred by many industries and sectors globally, which includes education, banks, supply chain management, voting, health sector, food safety, intellectual property and so on.
Ground X in the blockchain picture:
The blockchain technology has also allured Ground X (the blockchain subsidiary of Korea’s largest mobile platform- Kakao.) The company has more than 50 Million monthly users. This platform aims to try to create a scalable blockchain platform which can offer tangible and practical services based on the blockchain technology.
Ground X’s vision:
The aim of this platform is to achieve mass adoption of the services that are backed by the blockchain technology. This, as per the company’s vision, will improve the value and use of blockchain technology.
The way Ground X is pushing the boundaries of the blockchain industry:
Ground X developed native blockchain- ‘Klaytn’:
Ground X has built a global public blockchain called- ‘Klaytn.’ Through this, the company wishes to offer support to the developers from UX, UI, DX backgrounds. The aim is to offer user-friendly UX/UI and enterprise-friendly services and environments where blockchain services can be build and honed. Reports suggest that the network is 150X faster than Ethereum. Klytn is a private blockchain which comes with permissioned nodes. This aspect allows public users to double-check the authenticity. The network also comes with its own native cryptocurrency called- ‘Klay.’
‘Klip’ wallet’s ‘standalone version’ to be released in mid-2020 by Ground X:
Kakao, whose subsidiary is Ground X, will soon launch its wallet called- ‘Klip.’ Ground X will also launch a ‘standalone version’ of the Klip wallet along with the launch of Klip, the co-CEO of Kakao- Yeo Min-soo has confirmed in December. Min-soo mentioned about it in the governance council meeting for the Klaytn blockchain.
Ground X’s partnership with LG CNS:
Ground X has recently formed a partnership with LG CNS, which is the IT solution subsidiary of LG. This partnership was made in order to boost the blockchain technology and develop ways for its application in the various sectors. On this partnership, one of the representatives from Ground X said-
“Our Klaytn’s anchoring technology will solidify LG CNS Monachain’s data purity and reliability. Collaborating with Korea’s representative IT service company, LG CNS, will lead to a growth of the blockchain ecosystem in the country.”
Binance joined Ground X-operated ‘Klaytn’ governance council board:
Binance (the largest crypto exchange as per trading volume), joined the governance council of Kakao’s- Klaytn’s, the ‘24-company board’ in October. The aim of this board is to form important decisions for the network and to push the development of apps that use blockchain technology. On this, Binance’s CFO Wei Zhou said-
“Ground X and its public blockchain project Klaytn share a mutual vision with Binance in fostering and stimulating sustainable growth in the industry and to bring meaningful use cases.”
Ground X’s focus on developing a security system with the partnership with Shinhan Bank:
South Korea’s oldest and largest bank- Shinhan, formed a partnership with Ground X in August. The aim of this partnership is to boost the security system, private key management system with the help of blockchain technology.
Ground X is indeed pushing the boundaries of the blockchain industry and is trying to manifest the potential of the distributed ledger technology. The support and trust which Ground X has been getting from the giants of the various sectors, as seen above, is a good sign that the platform is walking the talk and holds a lot of promise.