According to a recent made by the KIP today i.e 2nd Oct., it stated that itsinvesting anunrevealedamountof cashinto Temco which is a blockchain-based startup that aims to revolutionize supply chain management systems for every sized businesses [SME’s]employingblockchain technology. Specifically,in line withTemco’sweb-site, vendorswould be able totrack the movements ofproductfrom distribution toultimateconsumption based on the blockchain technology,and thensharethe additional information.
In line with the official press release, Jong Hyun Kim, the fintech investment board member of KIP added:
“Temco iseventually readyto disruptcontemporarysupplychainmethod. NotsolelyTemco would exceed existing business solutions,however would also play as a primaryexample of the potential of blockchain technology.”
KIP iswell knownregarded for its investmentin major billion-dollar Korean enterpriseslikethe country’s largestweb search engine, Naver, and Kakao, the operator of the country’s dominant mobile messagingapplication named ‘KakaoTalk.’
The newsadditionallysignals a thawing of some resistance to the still-nascent blockchainecosystem,afterdomesticmonetaryregulators inthe countrysetdown strict restrictions for the sale andotheroperations of crypto’sa couple ofyearago. Since then, there has beenappreciablerevivedsupport for friendlier policies toward blockchain.
For instance, in early Aug., the governor of Jeju province, Won Hee-ryong,plannedpermittingSouth Korea’s Jeju Islands to become aalleged free zone for crypto startups thatneededto conduct ICO crowd-funding.
Even in last month, the South Korean govt. wasrumouredto beinvestingover more than $880 Mln in 2019to spice uptechnological innovationwithin thecountry, withsomeof that fund going into developing blockchain technology for “data management security and boosting the sharing economy.”