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Japan’s line Intends to Develop Custom Blockchain to lend support to Decentralized Apps

Japan’s Line Intends to Develop Custom Blockchain to Lend Support to Decentralized Apps

Japan-based Line, a messaging giant, indicated its intention to develop a customized blockchain to lend support to decentralized apps to operate from its platform. The company will create the platform for its current products. This apart, it would also power the digital currency economy. This would incentivize, as well as, accelerate DApps development, which could be either through its own developers or third parties. Line is one of the early adopters of blockchain technology and cryptocurrencies quickly.

Recruitment Process

Last week, Line’s chief technology officer, Euicin Park, participated in the 2018 Technology Roadmap wherein he talked about the impending launch. The company is in the process of recruiting more people for blockchain developers. Its focusing region is Southeast Asia, South Korea, and Japan. Interestingly, South Korea and Japan are the two regions that enjoy the status of second and third biggest market for the digital currencies. Therefore, the latest announcement is in line with the trends in these two regions through tightening of regulations is going on.

The current announcement also comes on the heels of two key developments in the current year. It belonged to the blockchain technology and the digital currencies segment. For instance, the company announced on January 31 about the establishment of a fresh firm known as Line Financial Corporation. This is an extension of Line Pay, btcmanager reported. The intention of the new firm is to offer digital currency services thus enabling users to trade in virtual currencies on the app. The line indicated that it is expecting a review from Financial Services Agency (FFA) in Japan.

There is no doubt that Line is successful in expanding its user-base. This allowed the messaging firm to make use of its increasing popularity of virtual currencies. There is every indication that the company might finally add it to its platform of messaging. Incidentally, Line Pay achieved a big growth last year as its annual transaction volume topped Yen 450 billion. It was also heading towards hitting the 40 million registered users tag.

In the first of the current month too, Line Plus established a subsidiary known as Unblock in South Korea. The objective of the new unit is to research the blockchain technology’s potential future. That would connect the digital currency markets in South East Asia, South Korea, and Japan.

Others Also Adopt

Aside from Line, there are also other messaging platforms that adopted blockchain technology quickly. This included Korea’s messaging platform, Kakao. A representative of Kakao confirmed the hiring of Han Jaesun as its CTO for a gaming startup, FuturePlay. The company also unveiled a fresh division with a focus on creating a blockchain-based platform. The messaging platform sees the completion before the current year ends.

In another incident, Kik messenger, a web-based messaging platform, released an ICO for Kin in September last year. The ICO managed to raise nearly $100 million from over 10,000 people. Its co-founder, Jed McCaleb Stellar, believes that Kik would be one among the first mainstream projects to use digital currencies in a significant way.

About the author

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Prateek Kulhari

Prateek is a business editor who writes about various topics such as technology, health and finance. At Pressly, he works along with the colourful folks that build a nation through tech startups. He is also a professional football player and video games enthusiast.