[BLOG] Blockchain Smart City, Commercialization, and TEMCO

The rise of blockchain smart city and the commercialization, solidifying the future of blockchain technology.

As blockchain smart city becomes the more and more interesting topic, there are companies looking forward to creating a smart city through the use of blockchain. One of the IT capitals in the world, South Korea, is a leading nation for the creation of the smart city, and their local governments are contributing to this aspect.

It is still at the initial stage for the local governments in South Korea. However, Dubai has its smart city business in the facilitated process, a representative place for such technological advancements.

Starting in 2020, it appears that Dubai may be a leading location for the smart city operation. When Dubai steps up as the leading nation for the blockchain based smart city, it seems that the change in everyday life will be prominent. With such change, the unnecessary paper works will be reduced, and more efficient processing of the tasks will happen, leading to preserving the environment with less waste and less use of hard documents. Also, since the records and transactions will be uploaded to the blockchain, the transparency of the data sharing will be secured.

The utilization of the blockchain seems to be expandable to on a larger scale and limitless of what blockchain can do.

In South Korea, a famous tourist Island “Jeju” is following along with Dubai’s progress. Recognizing the potential of the blockchain, the local government and South Korea is working diligently to create blockchain based smart city. Samsung, LG, Hyundai, KakaoTalk and other giant corporations in Korea recognizes the capability of the blockchain’s limitless potential, jumping into the blockchain space, securing the future of the blockchain based technological advancements.

Recognizing the bright future of blockchain technology, companies all around the world entered the blockchain space and heating up the fire for the innovation of the technology. Even Forbes has chosen the word “commercialization” as the top word for blockchain space this year, meaning that year 2019 seems to be the time that blockchain will be most commercialized and continue on. Such expectations and the high hopes will bring the utilization of the blockchain technology to the next step, the adaption of the technology into everyday life.

As many projects are increasing in the blockchain space, TEMCO differentiates itself by developing a solution that can be commercialized.

TEMCO’s technological empowerment and the business model have been validated by Korea Investment Partners, a No.1 Venture Capital in South Korea. There are many companies and educational institutions as well for the cooperation and partnerships with TEMCO in South Korea and globally as well. After the development of the blockchain based online open market platform, GUHADA, TEMCO is providing the open API service for the companies and enterprises that need the innovation of their existing systems through blockchain technology.