SK Networks and Hanwha Systems join Kakao's blockchain for service companies

By Park Sae-jin Posted : November 28, 2019, 15:16 Updated : November 28, 2019, 15:16

[Courtesy of Ground X]

SEOUL -- Companies including SK Networks, a trading and retail arm of South Korea's third-largest conglomerate SK Group, have partnered with Ground X, a blockchain subsidiary of South Korean web service giant Kakao, to join a blockchain network for service companies.

Ground X said on Thursday that SK Networks, GS Homeshopping, a local cable TV home shopping channel operator, and Hanwha Systems, a provider of defense products and technologies, have joined Ground X's "Governance Council".

Governance Council is a governing body for Klaytn, the blockchain platform operated by Ground X. The council consists of 27 companies from IT, game, communications and financial sectors. Klaytn, first introduced in October last year, was designed to provide blockchain platform services for service companies with super-fast processing speed which "does not exceed one second." In October this year, South Korean cryptocurrency exchange Binance joined Klaytn.

Blockchain is a decentralized service that shares replicated and synchronized data geographically spread across multiple servers operated by countries or organizations. Each virtual ledger works as a verification tool, making it almost impossible to hack or manipulate. A mainnet is a transaction network for cryptocurrency, which is provided as a reward for sharing blockchain resources.