Leading South Korean IT firm Kakao, the operator of messaging app Kakao Talk has teamed up with Irish ticketing startup Festy to develop a new blockchain-based payment system.
As Ireland’s news outlet Fora reported on Mar 23, Kakao’s blockchain subsidiary Ground X will direct the launch of a payment system and analytics applications on its blockchain ecosystem Klaytn, as it expects to integrate Festy to its platform sometime this July.
Founder of Festy, Graham de Barra, in his remark on the new partnership, reveals that the upcoming platform is fully auditable and give users more control over their personal data. Hence, consumers can contribute to the system, at their will, and get returns for it.
“We can allow a more transparent system for these transactions, where the consumer can get remunerated for contributing towards the big data that’s being built around them. The more they enrich it, the more they can earn — or they can totally opt out.”
As The Crypto Sight reported on Feb. 18, Mitsubishi UFJ Financial Group (MUFG), the world’s fifth-largest financial group by assets based in Japan, is working with the US content delivery network Akamai Technologies to launch a blockchain payment platform by the first half of 2020.