Is Hyundai in the Blockchain Sector?
Hyundai is one of the most influential conglomerates in South Korea alongside Samsung, Hanwha, and Lotte. It’s operations are spread across the car manufacturing industry, real estate sector, and other major industries.
According to local reports, since mid-2017, Hyundai has actively been involved in the blockchain sector, developing decentralized applications and blockchain networks with a vision of commercializing blockchain technology in the traditional finance sector.
HDAC, the blockchain project associated with the mining pool, is an VeChain-like blockchain protocol that enables businesses to better utilize blockchain technology and Internet of Things (IoT) to efficiently store, send, and receive data.
“The technology can be applied to smart factories, smart homes, smart buildings, and various industries. Also, M2M transaction for mutual contracts and operation between IoT devices are implemented to bring a platform where rational consumptions and transactions are possible. It is also where we can implement Transaction Innovation,” the HDAC development team explained.
Despite the recent downturn of the cryptocurrency market, the hype around blockchain technology and open-source decentralized networks like Ethereum is still relatively large. Businesses like Kakao, Naver, SKT, and Hyundai are trying to position themselves at the forefront of blockchain development to commercialize the technology at a large-scale and increase the mainstream adoption of the blockchain.
