The Internet has come deeply engrained in our lives as it has been developed. Most people manage their money through Internet accounts. If you send money to your friend, you will send it through a digital bank account. Then the bank as an intermediary generates information when you sent the money and keeps it a secret. However, there is a downside to this approach. First of all, they have to rely on third parties for their own transactions, and if a bank is hacked or a manager makes a mistake, the information they have deposited at the bank or were managing could be deleted.
A Block Chain, however, can eliminate all of these concerns. Block Chain is not a third party that hides the transaction records, but it is shared by all users. That is, the transaction information is open to everyone. Also, someone can’t tamper with the information. As the number of user increases, people cannot manipulate information by buying off other people. Therefore, a Block Chain is also referred to as a public transaction book.
In South Korea, a company is developing its own Block Chain platform called ‘Klaytn’ at ‘Ground X,’ a subsidiary of ‘Kakao Corp.’ It was first unveiled in October 2018 and has now signed partnership deals with 34 companies. Including all the global users of the partner companies, about 400 million people have been secured. The South Korean companies that have partnered include affiliates of Kakao Corp. and LG, as well as gaming companies. Klaytn is making it easy for anyone to use its service and is aiming to commercialize its platform by 2021. It released a Klaytn phone, based on the Galaxy Note 10 along with Samsung on 6 September, 2019 and was listed in Singapore and Indonesia’s Bitcoin markets on 26 September, 2019. Since then, there have been several Block Chain technology based platforms. However, there were some issues, such as problems with longer access times when users increased or fees incurred when making transactions. Klaytn has supplemented this problem and the commercialization of Block Chain technology will be easier if it is related to the fame of Kakao Corp. For anyone, rapid change is not easy to adapt to. In the early days, Block Chain technology was not noticeable due to the negative perceptions of Bitcoin speculation. Now, however, we can bring the advantages of Block Chain technology and make our lives more enjoyable. It will be helpful if you know a lot about technology, which will continue develop rapidly.