Hdac, the cryptocurrency & blockchain arm of the business empire Hyundai, has announced that it will launch its mainnet in the first quarter of 2020. It will invest $10 million to launch the mainnet, develop decentralized apps (dapps), funding to promising start-ups, and create an ecosystem with a “cryptocurrency compensation system.”
Hdac had earlier launched a cryptocurrency with a European subsidiary, but now launch its mainnet to take blockchain business next level.
Hdac will develop use cases for cryptocurrency in Hyundai’s core business of automobiles and construction.
Hyundai’s construction arm Hyundai BS&C will provide a blockchain-based wall pad computer terminal in each apartment of a block of apartments.
Hdac will also implement blockchain solutions for PoC (Proof of Concept) in the Hyundai motor division. It will also explore use cases for blockchain technology in its smart home and smart city concepts.
Blockchain technology is already used for peer-to-peer communication. It develops for machine-to-machine communication for application in smart homes and smart cities. IoT is the dominant technology used in this field, but all data is centralized in it; therefore, the computational power required is proving a stumbling block. The usage of blockchain technology is being explored to remedy this situation. Due to its decentralized nature, blockchain will require less computational power.
Hyundai’s domestic competitors, LG and Kakao, have already launched their mainnets. Hdac has expressed a desire to work with these existing blockchain service providers to learn and grow together.
Hdac also wants to pool funds with others and create an innovation hub. Head of South Korea based operations of Hdac, Joo Yong-wan said,
We plan to establish joint funds with financial companies to discover… promising blockchain companies.
Thus, Hyundai seems to have embraced blockchain technology and wishes to integrate it into its latest innovations.