Waltonchain Partners with Dongdaemun Fashion Town to Initiate its First Implementation of Blockchain + RFID Solution in South Korea

On September 5, the chairman of Dongdaemun Fashion Town Tourism Zone, Mr. Hong Seokgi, Waltonchain CEO Mr. Mo Bing and the CEO of DDM International, Mr. Lee Jongseon reached a Blockchain Technical Agreement regarding the application of blockchain technology and commercialization of Waltonchain RFID chip in Dongdaemun Fashion Town Tourism Zone. The three parties will work together to promote the development and application of blockchain + RFID technology in the fields of retail distribution, logistics, store management and customer service.

This partnership marks the first implementation of Walton chain’s Blockchain + RFID solution in South Korea.

Dongdaemun Fashion Town is the largest fashion district in South Korea, with wholesale shops, individual shops and cultural spaces for individual visitors to enjoy. It is the most popular fashion shopping district for local South Koreans and a must visit place for foreign visitors, attracting 1 million daily visitors and 8 million foreign visitors every year. There are more than 35,000 stores in the fashion town generating some KRW 50 billion daily sales, making it one of Asia’s largest fashion markets.

Dongdaemun gathers enterprises in industries including fabrics, garment accessories, production and processing, fashion design, retail distribution. Products range from small fashion accessories to ginseng, utensils, clothing, toys, jewelry, etc. The unique and overwhelming shopping experience attracts merchants and tourists from local and abroad. Waltonchain will provide the RFID chips and readers independently developed by Waltonchain to the Dongdaemun Fashion Town. It is expected to be put into demonstration stores for trial operation in November this year.

“The implementation of Waltonchain’s Blockchain + RFID solution in Dongdaemun Fashion Town is the first application use case of blockchain technology in fashion logistics and retail industry within South Korea, which will greatly optimize the logistics and retail system of the whole tourism fashion town. This is a great step forward in the development of the Dongdaemun Fashion Town”, said the chairman of Dongdaemun Fashion Town Tourism Zone, Mr. Hong Seokgi.

Meanwhile, Waltonchain will provide assistance and strong technical support for the development and circulation of DDM CHAIN in Dongdaemun Fashion Town Tourism Zone.

The ecosystem of Waltonchain has been applied to a number of business scenarios that are closely related to our daily life. With our technical strength combining hardware and software, Waltonchain will always be committed to developing a new business ecosystem model utilizing our blockchain + RFID solution, helping more traditional companies like the Dongdaemun Fashion Town to expand their business models, improve operational efficiency and even reduce the operational cost, ultimately increasing the industrial competitiveness of traditional enterprise.

Media Reports:

Korea Economic Daily: http://news.hankyung.com/article/201809067262g

Electonic News (South Korea): http://www.etnews.com/20180906000059

KINEWS: http://www.kinews.net/news/articleView.html?idxno=202604

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