The biggest IT conglomerates of Korea, Kakao, Samsung Electronics, and LINE of Naver, are launching services based on blockchain technology to preoccupy the market shares.
Samsung Electronics has installed a cryptocurrency wallet, Samsung Blockchain Wallet and DApp store, Keystore in Galaxy S10. They are also inviting more DApp developers into their ecosystem. Samsung is trying to gain market dominance this time, with blockchain ecosystem.
According to Korea Mobile Internet Business Association (MOIBA), the application market shares in Korea of the last year are Google Play store for 61.1%; Apple App Store for 21.7%; and ONE store for 13.5%. Although Samsung Electronics strived to increase the market share, it has been continually showing poor performance, with Samsung Galaxy Store’s market share being less than 5% last year.
Samsung Electronics believes the DApp market will be different for them. They are now pioneering in blockchain market by actively making use of their advantages in hardware. They have installed an electronic wallet to store and manage cryptocurrencies in their flagship smartphone Galaxy S10. Every user of Galaxy S10 will automatically own Samsung’s cryptocurrency wallet. Samsung plans to invite more DApp partners as well. Weather information, games, foodie contents, social media services, and healthcare are some of the partners Samsung is reaching out. Samsung Electronics will continue to expand its blockchain ecosystem. Numerous DApp developers in-and-outside of Korea are hoping to be a part of Samsung’s blockchain ecosystem.
GroundX, a blockchain subsidiary of Kakao, is also actively alluring DApps to prepare for the market competition. They are especially inviting various Ethereum based DApps. Their comparative advantage is the brand power of Kakao Talk, cheaper commissions, and faster speed. During their mainnet launching event on July 9, GroundX has announced that 51 more DApps are ready to be launched within the month. According to the announcement, GroundX has launched its public blockchain platform Klaytn on June 26 and selected 9 DApps such as HINT Chain, Cosmochain, and Piction Network as the primary service partners. Also, they also have signed partnership agreements with additional eight companies, which is in sports, pet, and tourism industry. Now Klaytn has a total of 50 DApp partners.
Naver is also rushing to build a blockchain ecosystem. NAVER’s subsidiary LINE is planning to launch a cryptocurrency wallet, DApps, and a developers tool that can be utilized in their blockchain platform ‘LINK Chain.’ LINE is launching the wallet application ‘LINK ME,’ with a simple social sign-in method. Also, LINE will introduce more DApps on LINK Chain. They will be developed by LINE’s blockchain subsidiaries. Even though the details are not fully disclosed, DApps of different fields will be launched, just like the case of LINE’s competitors.
Anonymous personnel from Korean blockchain industry said that Korean big shots are regarding blockchain market as their significant future business opportunities. These companies will likely draw more customers into blockchain ecosystems with a wide range of DApps.
Lee Seonyoung (2019. 07. 23.) ‘삼성·카카오·네이버’ 국내 블록체인 시장 선점 나선다
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