Blockchain technology has made its mark on the technology industry. Dozens of companies are exploring the new opportunities presented by this revolutionary concept. Line Plus, the subsidiary of the Line chat giant, is forming a new blockchain subsidiary. Unblock is mainly aimed at the South Korean market, at least for now.
Line Sees Merit in Blockchain
This new approach by Line is very intriguing to keep an eye on. It has become evident the chat giant wants to tap new markets to maintain its competitive edge. Blockchain technology appears to be a logical fit in this regard. By forming the Unblock subsidiary, the Japanese giant is preparing to make its mark on the distributed ledger industry.
It is the first time the Japanese company has ventured into this relatively new industry. This subsidiary is only a part of their two-pronged approach. Line will also make strategic investments in blockchain projects moving forward. With the company’s technological experience in the chat industry, it will be interesting to see which opportunities they aim to pursue.
This news comes at a peculiar time for the Asian chat industry. Kakao, one of Line’s bigger competitors, announced similar plans in March of 2018. Their new blockchain subsidiary is based in Japan whereas Line’s Unblock is based in South Korea. This cross-market approach by both companies can yield some promising results in the months and years to come.
Keeping the Momentum Alive
Japan and South Korea are two major regions for cryptocurrency and blockchain technology. WIth local companies exploring new opportunities, a bright future lies ahead. Chat and messaging giants have shown an increased interest in virtual currencies and blockchain recently.
Perhaps the biggest example is how Telegram decided to conduct an initial coin offering. While their business model was criticized due to not allowing the public to invest, it shows a lot of opportunities lie ahead. Forming subsidiaries to specifically explore this technology is a big step forward in the blockchain industry as a whole.
Assuming these companies can work on real-life use cases, good things may continue to happen. The blockchain industry has been on a roll for several years now and the momentum is still firmly in place. For now, it remains unclear what Line’s new subsidiary plans to develop exactly. There are rumors Unblock will issue its own cryptocurrency, and it may also operate as some form of an exchange in the future.