Shaping the Future of Enterprise Blockchain — Klaytn Governance Council Summit 2019
With a mission to kick-start Klaytn’s journey to becoming Asia’s leading enterprise-oriented public blockchain platform, we held the inaugural Klaytn Governance Council Summit on November 28 in Seoul, Korea. Over 100 large enterprise professionals, from 11 nations across Asia, covering all key verticals, from finance, IT to gaming and content, gathered to participate.
The Klaytn Governance Council — An Asia-Focused Enterprise Blockchain Consortium
The Summit kicked off with opening speeches from Mason Yeo, the CEO of Kakao, and Jason Han, the CEO of Ground X, detailing the importance of the Klaytn Governance Council, its role in shaping the future of the Klaytn platform and the Council’s potential in facilitating new business opportunities and partnerships for member enterprises.
The Klaytn Governance Council, currently consisting of 27 large enterprises spread across Asia, was established as the steering and governing body of the Klaytn platform, shaping the features and economy of the Klaytn ecosystem. As the Council continues to grow, it has become more than a regional consortium, harboring the clout to not only foster the Klaytn ecosystem, but also establish Klaytn as the de-facto regional blockchain platform.
Seeking Synergies and Developing New Opportunities
The Council’s potential and scope were put on display as 6 Council members from China, Japan, Korea, and the Philippines took the stage to share current blockchain initiatives and business proposals with the remaining members. From the Union Bank of the Philippines’ initiatives in low-cost cross border remittances to Hanwha Systems’ blockchain-based authenticity platform designed specifically for collectable art and auctions, each of the 6 members drove home the importance of real use cases in advancing enterprise blockchain adoption.
The Summit also proved to be a day of proposals and networking as members proactively shared their ideas for co-working, regional expansion and partnerships all made possible by Klaytn’s potential as a facilitating protocol for cross-border and cross-entity transactions and engagement.
Ownership & Governance
Ultimately, the Klaytn Governance Council was established to help grow and govern the Klaytn ecosystem and platform, a core responsibility that was outlined in detail during the Summit. Moving forward, the Klaytn Governance Portal will be launched in the near future, allowing member enterprises to submit and vote on various proposals, from future protocol functionality to economic policies that will guide the KLAY token economy. The key takeaway for members was the realization that they were now solidified as the founding stakeholders of the Klaytn platform, thus taking on the responsibilities of not just securing the platform, but also working with other members to expand Klaytn’s reach across the region to maintain its position as one of the word’s foremost enterprise public blockchains.
The Road to Mass Enterprise Adoption
With 27 large enterprises securing the Klaytn blockchain, Klaytn is easily one of the world’s largest consortium blockchains. The number of Council members will continue to expand in 2020, with a new group of members expected to join the Governance Council, made up of not just large enterprises but global non-profit organizations and institutions, to elaborate Klaytn’s commitment to leveraging blockchain technology to improve social impact sectors.
The Klaytn Governance Council Summit is planned not only as an annual, large-scale event but as a flexible, fast-moving working group, with regular on/offline work sessions expected to be held throughout 2020.
As more and more real-world enterprises use cases are pursued by both Council members and non-Council partner enterprises, it is guaranteed that Klaytn will be at the forefront of enterprise adoption of blockchain technology.
Klaytn is a public blockchain focused on the metaverse, gamefi, and the creator economy. Officially launched in June 2019, it is the dominant blockchain platform in South Korea and is now undergoing global business expansion from its international base in Singapore.
These business expansion activities are supported by the Klaytn Growth Fund, which aims to grow the ecosystem of companies built on Klaytn. The fund is managed and disbursed by Klaytn Foundation, a Singapore-based non-profit organization established in August 2021.
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