The Korea Exchange has launched its KSM (Korea Startup Market) service that provides a marketplace where the equity shares of startup companies can be traded in the open market. Blocko Inc., a local blockchain startup, participated in the project and implemented its blockchain technology for document and identity authentication. The KSM service has applied this technology by using Coinstack, Blocko’s proprietary blockchain-based development platform.
Blocko has secured the highest number of client references within Korea by providing its Coinstack platform to Korea’s JB Bank, Lottecard, KISA, Paygate and others. Blocko raised a series A round funding of $1.3 million from Samsung Venture Investment Corporation in July 2016.
Won-Beom Kim, Blocko Inc. CEO, said, “This is the first example of commercialization in which blockchain is applied to the Korean over-the-counter stock market.” He added, “We are striving to advance our product by partnering with Samsung SDS, CISCO and others to apply blockchain to a wide range of industries in the future, beyond existing uses such as bonds, promissory notes and points within the financial sector.”
Coinstack is serviced in two ways, Cloud and On-premise, and supports all types of applications and protocols available via the Bitcoin blockchain. Furthermore, Coinstack is a development platform that supports both blockchain-based contracts and Ethereum-based smart contracts, enabling companies to easily apply blockchain-based functions to its services.
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