SM Entertainment, the largest talent agency in South Korea, plans to launch a blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details platform with its own cryptocurrency.
The development of SM Entertainment in the crypto space
The plan to create a new blockchain and cryptocurrency was unveiled by Sang Sik Joo, CTIA Labs CEO, at the UPBIT 2019 Developer Conference (UDC2019), which took place at the Grand Hyatt Incheon on September 4th.
CTIA is an organization dedicated to emerging technologies such as artificial intelligence and blockchain at SM Entertainment.
The SM CEO said that he intends to hold private and public meetings of the blockchain, and also that he is currently negotiating with a number of partners regarding the "construction" of his "future blockchain business".
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Joo said that SM sees blockchain as a "long-term" plan, and that fans can soon expect a phased development in line with their priorities.
- SM Entertainment, which earned $518 million in 2018, is "home" to some of the biggest pop names, including EXO, NCT, Super Junior, Red Velvet and Girls Generation.
- The company previously hinted at an interest in blockchain, and earlier this year joined Sony and several South Korean entertainment providers.
Editor: Yuliya Soroka