According to an October 6, 2019, report by South Korean media outlet The Financial News, Hyundai’s blockchain and cryptocurrency arm, Hdac, is set to invest $10 million in the industry to develop its own mainnet, decentralized applications (dApps), and fund other burgeoning startups with high potential and ceiling in the space.
Hyundai’s Blockchain and Crypto Arm Invests Big
In a major impetus to the world distributed ledger technology (DLT) and digital currency space, Seoul-based automotive giant Hyundai’s blockchain incubator has decided to invest as much as $10 million in the cryptocurrency industry to create an exhaustive “cryptocurrency compensation system-enabled” token ecosystem.
Per sources in the know of the matter, Hyundai stated that it is aiming to launch its blockchain network mainnet in Q1 2020. The conglomerate also shared details about its strategy to integrate blockchain technology with its two largest areas of expertise – automobiles, and construction.
Joo Yong-wan, the head of Hdac’s South Korea-based operations said that Hyundai’s construction division, Hyundai BS&C is mulling the integration of blockchain technology in an apartment the company is currently in the midst of building in South Korea. The construction arm is said to be considering fitting each apartment with a DLT-enabled wall pad computer terminal. Read More...