Giant capital has come to the end, the global digital currency market is welcoming a new wave of enthusiasm

Blockchain world


On June 18, 2019, Facebook released a Libra white paper, and Libra was born. In more than three months, not only South Korea, China, the United States, but also big companies and even government departments around the world have been eyeing this emerging technology. More and more people are investing in digital currency research. A wave of discussion on digital currency has emerged.


Korean industry giants enter the blockchain, the digital currency boom continues to heat up


South Korea’s interest in blockchain is heating up, from entertainment and social to mobile phones, telecommunications to banks, and giants in various Korean industries are running into the blockchain.
South Korean entertainment giant SM plans to “issue money.” On September 4 this year, at the Upbit Developers Conference held in Incheon, South Korea, Joo Sang-sik, director of the CTAI Lab of the SM company’s technical department, said that SM is discussing the proposal to directly issue its own cryptocurrency, investing in the works of artists through cryptocurrency. Fans are more involved in the entertainment ecosystem and use blockchain technology to solve the inefficient billing and payment issues of the entertainment industry today.


Korean entertainment giant SM


If SM’s currency plan is implemented, it will become the first entertainment company to issue digital currency.
Samsung recently launched a new mobile phone called “Klaytn Phone” version, which has a blockchain application and a cryptocurrency wallet and six blockchain applications. People who buy mobile phones can also get a certain number of numbers. Currency Klay, Klay is named after the platform Klaytn.
Klay is the cryptocurrency introduced by GroundX, a blockchain company of Korean social giant Kakao Talk. Samsung has reached a cooperation with GroundX.
Returning to Kakao itself, this year Kakao is considering listing its cryptocurrency Klay on two exchanges.


Korean social giant kakao


And, according to Korean media News1, Kakao is developing four encryption wallets, Klip wallet, web browser wallet Kaikas, hardware wallet Trezor wallet and Klaytn Phone wallet. Among them, Klaytn Phone wallet will be carried into the smartphone, similar to the Samsung blockchain wallet.
While other industry giants are still exploring the digital currency market, Korean telecom giant KT Corporation has already deployed a digital ecosystem based on blockchain technology.


Blockchain ecosystem


In July of this year, KT launched a proprietary blockchain network designed to apply blockchain technology to areas such as authentication, data roaming and energy trading.
According to a report by South Korea’s CoinDesk, the company announced its KT blockchain network, which combines with existing high-speed commercial networks to achieve throughput of 2,500 transactions per second.
In July of this year, KT also teamed up with food producer Nongshim to develop a food supply chain project using blockchain technology. Earlier, KT’s layout tentacles also extended to blockchain medical services, launching a Mobile medical platform and a blockchain system for sharing medical records between healthcare providers.
In addition to KT, Kakao, Samsung, SM, other Korean corporate giants are also running into the blockchain industry.
South Korea’s largest telecommunications company SSK invested in the exchange Korbit; South Korea’s largest bank, Shinhan Bank, invested in the exchange Gopax; South Korea’s largest game developer Nexon acquired the exchange Bitstamp, Korbit and so on.


China’s People’s Bank of China digital currency CBDC is coming to the fore, China’s blockchain market is welcoming huge opportunities


Recently, the news that the People’s Bank of China is about to issue digital currency has attracted the attention of practitioners.
The Chinese version of the digital currency project is called DC/EP, which is a digital currency and electronic payment tool. Its functional attributes are exactly the same as paper money, but it is just a digital form. The Chinese version of the digital currency can realize value transfer without an account. In the specific scenario, as long as there is a DC/EP digital wallet on the mobile phone, no network is needed, and as long as the two mobile phones touch each other, the transfer function can be realized.


People's Bank of China issuing digital currency


Traditional electronic payment is useless in an environment where there is no signal, and DC/EP does not require a network to pay, so it is also called “double offline payment”. Even Libra can’t do that.
The accelerated launch of CBDC by the central bank has had a very large impact on China’s blockchain market and is very positive. Although there is no public policy on digital currency, it can at least be discussed openly, and the corresponding areas can be delineated, and experiments can be conducted. This experiment also encourages the participation of private organizations.
Not only that, the central bank also officially released the financial technology development plan (full name “FinTech Development Plan (2019-2021)”).
This is the first top-level design document issued by the central bank for the financial technology industry. It has strong guiding significance for future blockchain, financial big data, smart payment, sandbox supervision and other aspects.


Blockchain changes the world


The introduction of this three-year planning document, coupled with the imminent release of digital currency by the central bank, began the revolution in the entire financial and monetary system.
The competition in the global blockchain field is becoming more and more fierce. Both national institutions and capital giants want to occupy the emerging technology highlands. In this huge financial revolution, how to seize the historical opportunities depends on a new round of technology and capital. Big fight!