We’ve Signed an MoU with South Korea’s Klaytn (GroundX) to Build Cross Border Knowledge Sharing
As India’s first and only native blockchain protocol, at Eleven01, we are working towards collaborating with up and coming blockchain projects. And on that note, on 20 Feb 2019, we have signed a Memorandum of Understanding (MoU) with Klaytn — a public blockchain platform of the leading South Korean internet giant, Kakao. Our partnership will focus on exchanging domain expertise, collaborating on technological advancements, and exploring joint go-to-market strategies in India and South Korea.
From an ecosystem point of view, this strategic partnership will be keen on exploring investment worthy startups in the blockchain industry. Eleven01 will be participating with Ground X, the blockchain subsidiary of Kakao, as technology and ecosystem partner, exploring synergies with building some of the key components, exploring interoperability between both the respective ledgers, exploring growing the development community and creating a win-win relation.
As part of the MoU, Eleven01 and Ground X will explore development centres across the Indian and South Korean markets to promote disruptive blockchain ideas. Keeping the nascent stage of blockchain in mind, the two companies aim to champion innovation into this space by mutually building various accelerator programs and setting up of blockchain incubator.
Korea is one amongst the leading countries in blockchain adoption ranking after the US and Japan. The island nation is spearheading a leadership paradigm in blockchain as their government is planning to invest 10 billion Korean Won in blockchain technology to nurture growth and innovation across industries including real estate, supply chain, and administrative services.
They are keen on building an infrastructural platform by introducing clear regulatory and legal reforms for wider adoption. “South Korea has demonstrated many advancements in the Blockchain space, from Voting to other applications in administrative services. Large enterprises are very forward-looking and are working towards production grade deployment of blockchain technology,” said Rama Iyer, President and CTO of Eleven01. “Partnering with GroundX is important to create a core partnership to jointly explore the Indian and Korean market, from a long term standpoint,” he also added.
By developing a scalable blockchain platform with tangible and practical blockchain services, Ground X aspires to achieve mass adoption of blockchain-empowered services so as to substantiate the value and utility of this technology. Ground X also prioritizes its efforts on the development of other services and businesses including leveraging blockchain to drive social impact.
