A major Internet conglomerate Kakao Corp, who is also the service provider for popular South Korean messaging app KakaoTalk, signed a partnership agreement with an Ireland-based ticketing startup, Festy in order to develop a blockchain-based payment system.
As per a report published by Irish business news outlet Fora on March 23, the new partnership is focussed on applying Kakao Corp’s blockchain platform technology Klaytn over a blockchain-based payment system as well on analytics applications with Festy.
Klaytn is the brainchild of Kakao subsidiary Ground X, that announced in mid-March, that it is planning to repeat their initial coin offering after already raising $90 million from investors. Initially, the Festy partnership was first announced on March 22 over Klaytn’s Medium page. Reportedly, Festy will be launching on Klaytn platform by July 2019.
Graham de Barra, the founder of Festy, shares insight about the newly signed agreement, that it will be a fully auditable platform based on blockchain technology. He further elaborated that the system will be privacy-oriented:
“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.”
The publishing further notes that the agreement includes an investment in Festy, with the amount undisclosed.
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Image Source: Festy Twitter
