Blockchain created by Hyundai BS&C plans open beta service in January

Lim Chang-won Reporter Posted : 2017-12-18 10:21 Updated : 2017-12-18 10:21
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[AP/Yonhap News Photo]

A home-made blockchain created by Hyundai BS&C specifically for the needs of the internet of things will make its debut in South Korea's digital currency market in January next year as a cryptocurrency frenzy led to state invention.

Hyundai BS&C, established by a grandson of Hyundai Group founder Chung Ju-young, has initiated a project to create Hyundai Digital Asset Currency (HDAC), a decentralized platform made on blockchain that allows IoT machines to communicate and work with each other.

The date for initial coin offerings is not fixed, but officials involved in the cybermoney industry said the company plans an open beta service for HDAC on January 15. By combining digital payments and IoT, customers can get reliable and convenient blockchains to utilize IoT devices.

Hyundai BS&C provides services for system Integration and IT services. The company, which is also involved in engineering and construction, constructs buildings tied to HDAC. The main partners include Korean Digital Exchange and others. 

HDAC's debut comes amid heated debate over how to regulate cryptocurrencies in South Korea, one of the world's largest online cryptocurrency exchange markets.

Government officials have agreed on strong measures including a ban on cryptocurrency transactions by teenagers and foreign residents and punishment on illegal activities by digital money exchanges. Security authorities will track and crack down on hacking, a breach of privacy, money laundering and other criminal activities.

In an effort to dispel growing concerns over cryptocurrency users being targeted by hackers and swindlers, cryptocurrency exchanges have promised to adopt self-regulatory measures aimed at improving transparency in trading.