Tag: Korea

KFC Korea and TriumphX marketplace sign deal to develop NFT content

by Cointelegraph

Entertainment and nonfungible token marketplace TriumphX has signed a memorandum of understanding (MOU) with fast-food giant KFC in South Korea.

The agreement will focus on joint blockchain research with the aim of integrating NFT technologies and enhancing the branding of the fried chicken outlet.

According to reports in local media, KFC Korea plans to introduce blockchain and NFT technology to its branding content. The fast-food franchise intends to issue NFTs to its customers comprising different digital formats including video, art and graphics, and metaverse collectibles.

TriumphX’s NFT issuance know-how will be leveraged to create and sell KFC-themed NFTs to a customer base that is already familiar with the Kentucky Fried Chicken brand.

Fried chicken and KFC is popular in South Korea with more than 210 outlets nationwide. According to a 2019 SCMP report, there were more fried chicken restaurants in the country than there were McDonald’s and Subway restaurants worldwide.

The cross-chain TriumphX has partnered with a number of local artists and entertainment companies recently including decentralized entertainment marketplace XPOP, photographer Kim Jung Man, and cartoonist Rosa Fantasy.

Related: KFC Launches Blockchain Pilot for Digital Advertising and Media Buying

NFTs have exploded in popularity in 2021 resulting in $2.5 billion in nonfungible token sales in the first six months of this year. This is a huge increase over the $13.7 million in sales for the same period in 2020.

Korea has not missed out on the NFT craze this year. According to a Korea Times report on July 23, copies of a priceless manuscript detailing the origins and workings of the Korean writing system will be sold as limited edition NFTs. The burgeoning K-pop industry is also looking to tap into nonfungibles to promote artists to adoring fans.

Despite the demand for NFTs and crypto in Korea, there has been an increase in regulation of the digital asset industry this year as financial watchdogs come down hard on unregulated exchanges and marketplaces.

As reported by Cointelegraph yesterday, the government stated that crypto exchanges will face punishment if they have not voluntarily registered with the country’s authorities by September 24.

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New Samsung service Paperless adds document disposal to enterprise blockchain

by Cointelegraph

Samsung SDS, the information and communication technologies (ICT) arm of Samsung, launched a new service named Paperless to provide reliability and transparency of documents in a cloud environment. 

Launched as a cloud-based blockchain-as-a-service (BaaS) solution for enterprises, Paperless manages sensitive documents such as contracts, consent forms and certificates on blockchain to prevent forgery and falsification. According to the official announcement, the new service can be used in various fields such as voting or tasks that require various proof documents.

Paperless also enables the management of documents that need to be disposed of after a certain period by encrypting and storing sensitive or large-volume data at a separate server, only keeping the hash value of each data on blockchain.

Since all data history such as the creation, revision and disposal of documents is recorded on the blockchain in real time, this design combining on-chain and off-chain technology addresses “the slowdown of blockchain’s transaction speed due to massive volumes of data,” the announcement reads.

Related: Blockchain can help publishers improve audience trust

Samsung SDS added that the company applied its Paperless service to its salary contracts for employees, company-wide voting and certificate management to streamline complex processes.

The ICT subsidiary of the South Korean tech giant is a known explorer of blockchain technology. Last year, Samsung SDS announced that it would conduct a series of pilot projects to test blockchain-powered medicine distribution management to guarantee transparency in tracking pharmaceutical drugs.

Samsung itself is also a participant in the blockchain race. The company previously filed a patent for a programmable blockchain solid-state drive (SSD) and switch, although this patent is yet to bear tangible fruits.