Hyundai Blockchain to Spend $10M to Launch Mainnet

By Jamie Green – Cryptocurrency Investor

The Hyundai blockchain, Hdac, says that it will be investing $10 million in the industry and use the money to pay for DApps (decentralised applications) services, a mainnet, fund startups and also develop a “cryptocurrency compensation system”. One major concern of current blockchain systems is that transactions are irreversible. If a user was to buy Bitcoin and then send a transaction across the network, there is no protocol in place to recall the funds or contest the transaction.

Hdac says that it plans to launch the mainnet by next year’s first quarter and has also opened up on the details of how it attempts to have blockchain technology implemented in some of Hyundai’s core business areas such as construction and automobiles, though you won’t be buying crypto on the automobile’s blockchain.

Previously, Hdac had released its cryptocurrency via a European subsidiary, allowing users to buy and sell cryptocurrency on the chain, but now it seems to be going further ahead with the blockchain business, in response to several South Korean mega-corporations that have also launched their own mainnets, like Kakao and LG.

Korean news outlet The Financial News reports that head of Hdac’s South Korea-based operations, Joo Yong-wan has stated the company is attempting to “cooperate with existing blockchain service providers, such as Kakao’s Klaytn.” It could be possible that Hyundai are building interoperability within their system which could allow users to buy crypto on one chain for use on another.

Joo says that Hdac also wants to develop a blockchain incubator to establish joint funds with financial companies to help promote and develop smaller promising blockchain projects and companies. Joo also said Hdac is also willing to help those companies out that are looking to incorporate blockchain technology into the financial industry.

Hyundai’s construction arm Hyundai BS&C would be applying blockchain technology in a block of apartments that Hdac is building right now in South Korea.

According to the Hdac chief, Hyundai BS&C will be fitting each apartment with a blockchain-powered wall pad computer terminal. It would seem Hyundai have many possible applications for their blockchain which far extend from value transfer and the ability to buy and sell cryptocurrency.

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