[BLOG] Leading Blockchain Commercialization
Facebook has jumped into the development of blockchain service.
Most recently, the news about the largest social media platform, Facebook, jumping into the blockchain industry has been the hottest topic. In the past June 18th, whitepaper of “Libra”, a blockchain project from Facebook has been released. Within the company, Facebook calls it the “Global Coin”. Also, according to BBC, the so-called “Global Coin” is expected to be released next year.
Facebook’s blockchain project, “Libra”
Based on what has been released so far, Facebook has established its subsidiary company, Calibra, and planning on creating Libra Association including globally renowned members such as Visa, Mastercard, Paypal, Uber, Booking.com, Coinbase, and more.
Libra is working on embracing 1.7 billion people in the world without proper financial assets or services. According to a report from the World Bank Group, there are approximately 1.7 billion users without bank accounts or affiliated with bank systems. So the Libra project is focused on developing a system that people around the world who currently do not utilize institutional banking systems.
Libra is also planning on developing convenient transfer methods. Mark Zuckerberg has emphasized that financial transfer should be just as simple and as easy as transferring photos. Also, on June 18th, as Facebook revealed the expected release of Calibra, it had described the use of its features such as transferring of currencies, make payments, scanning codes to purchase coffee, pay for public transportation without physical tickets and more, with a click of a button.
The international transfer of the currency without institutional banks is following a similar concept as mentioned above. Through Calibra’s demonstration video, the public was able to get a glimpse of how the global coins can simply be transferred. At the point of transferring the global coins, the sender may transfer the coins to the recipient, and the recipient can convert the coins to the fiat currency for that country. In addition, global coins do not need central banks for the transfer and the sender is only responsible for small fees created from the transaction which is much less than if one was to go through the central banks for the transfer.
In following, Facebook’s “global coin” will not only be used on Facebook but also on WhatsApp and Instagram, for payments and international transfers. Facebook approximately has 2.4 billion monthly users, WhatsApp has about 1.5 billion users, and Instagram has about 1 billion monthly users a well. Libra project is composed of the user based on social networking companies mentioned and seems that it will facilitate the mass adoption of blockchain technology throughout the world.
South Korean (Domestic) Blockchain Industry
From outside of Korea, Facebook is working on leading the commercialization of the blockchain technology, but in South Korea, TEMCO, Regular Six, and Klaytn are making progress toward mass adoption of the blockchain technology by all users around the world. Interestingly, the 3 companies mentioned have similarities with Facebook’s Libra project.
First, companies are targeting a wide variety of users. Facebook’s Libra project is not solely focused on targetting existing modernized users, but targetting financially underprivileged and variety of users from different fields. TEMCO, Regular Six, and Klaytn as well are not focused on modernized users, but also a wide variety of the users that Facebook is targeting.
Second, companies are promoting simple and convenient transaction options. as Facebook is emphasizing simple and convenient transfer, such as sending currencies as transferring photos between devices. In following, TEMCO is working on a convenient and simple payment method for the GUHADA platform. GUHADA is in a process of development for not only the cryptocurrency payments but also fiat currency as well. Such simple payment applications that TEMCO is working to adopt for the GUHADA platform are Naver Pay and Kakao pay etc. The GUHADA platform users can finish transactions and make payments within just a few clicks, once they register with at least one of the simple payment options.
Third, companies are contributing to the commercialization of the blockchain through a stable and large user base. Just as Facebook, which already maintains a gigantic user base, TEMCO’s partner company Klaytn, as the part of Ground X, which is subsidiary of Kakao, maintains a large user base as well, supporting mass adoption of TEMCO’s GUHADA platform, which is currently under a development process.
Fourthly, companies are working on the adoption of blockchain in real life. Facebook’s global coins are expected to be used on Facebook, Instagram, and WhatsApp for making payments and transfers. Similarly, Regular Six is working on using the cryptocurrency in real life, such as making payments for food purchases at restaurants and diners. With the opening of its restaurant space, Regular Six had adopted the use of Bitcoin and Ethereum payment methods, and afterward, TEMCO tokens are soon to be integrated into the system.
Supporting mass adoption of the blockchain technology into real life
Facebook, TEMCO, Regular Six, and Klaytn are all working on commercialization of blockchain of the public within their own means. As Facebook is announced the development of the global coin and the platform for mass adoption of the blockchain, TEMCO, Regular Six, and Klaytn are working on leading the mass adoption of the blockchain starting from the home-base. Particularly, TEMCO is working on commercialization of the blockchain technology without borders through the blockchain based e-commerce platform GUHADA for the sales and transactions of luxury products.