09/10/19 05:13 UTC-4

Hyundai Motor Group invests $10 million in blockchain technology development

Other$10 million for blockchain technology development from Hyundai Motor Group
$10 million for blockchain technology development from Hyundai Motor Group

Hdac Technology, 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
department of the large-scale South Korean auto manufacturer Hyundai Motor Group, is going to create a $10 million blockchain investment fund in 2019.

Investment Fund Plans

A subsidiary of one of South Korea’s largest car manufacturing companies, Hyundai Motor Group, blockchain company Hdac Technology, plans to invest $10 million in blockchain technology advancements. Hdac Technology is about to invest in the launch of an investment fund aimed at the development of the blockchain in 2019. The finances will be used to implement its own network, improve decentralized applications, support innovative startups, and design a “cryptocurrency compensation system.”

A test version of the Hyundai TokenToken
– is an accounting unit that is used to represent a digital balance in an asset.Details
Network (HDAC) will be launched in November this year. The launch of the completed project is scheduled for early 2020.

According to the CEO of Hdac Technology, Zhu Yong-wan, they intend to work with other financial firms to form common funds and support collaborative innovation development with blockchain companies. As an example, the CEO cited South Korea’s Kakao technology firm, which in June this year, under the name Ground X, opened the main network of the Klaytn platform.

Hyundai Motor Group is purposefully keeping up with blockchain technology. This spring, a blockchain network-based application that connects cars and mobile phones was launched. Hyundai Commercial’s financial department has signed an agreement with IBM to introduce blockchain into its business model.

See also: "Telegram publicly confirmed its participation in the TON blockchain"

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Editor: Alyona Deryabina