According to a report that appeared recently on the media interested in cryptocurrency and blockchain technology, Hyundai is developing a blockchain-based ecosystem.

Automaker Hyundai plans to introduce a blockchain-based network between European subsidiary Hdac and IT arm Hyundai BS&C.

From Expected The launch should be ready after Hyundai registered its new products with the South Korean Intellectual Property Office.

According to Chung Dae-sun, CEO of Hyundai BS&C, who interviewed a local media agency, he stated the following:

Applications have already been submitted to intellectual property authorities, under the brand names Altum, Atolo and Rizon.

Each application can be described as a digital wallet that can hold cryptocurrencies.

Read:Binance founder expects to generate $1 billion in profit this year

Cryptocurrency trading services and crypto-enabled ATMs:

More information about what Hyundai will do will be updated, and more details about the motives of the conglomerate will be revealed soon.

The details that have emerged so far indicate the inclusion of crypto trading and trading services, ATMs supporting digital currencies, and a number of crypto-related facilities.

The door is open for blockchain companies to join Hyundai’s ecosystem:

CertiK, a blockchain-based process audit firm, completed an audit of the Hdac platform last Friday, after collaborating with it.

Speaking about this collaboration with Hdac, Mr. Kony Ngo, Marketing Director of CertiK said:

Because of Hdac’s future plans, we’ve decided that it makes sense to formally partner with each other with Hdac focusing on security while CertiK will focus on supporting larger enterprise-grade solutions like Hdac.

For the record, this is not the first time that Hyundai has adopted blockchain technology.

The famous South Korean automaker made its first step into the world of crypto and blockchain in 2019, and since then it has become the company’s mission to integrate blockchain into its line of business and adoption.

Read:Bitcoin Used for Charity and Helping Children in Venezuela

In October 2019, Hdac reported a $10 million blockchain fund.

The investments will support the project’s main network, improve decentralization, encourage new companies emerging in the sector, and create an ecosystem with a cash compensation scheme.

The automotive blockchain market is on the rise in South Korea after sustained efforts to encourage adoption in the country.

Read also:

British automaker partners with IOTA to develop innovation and tracking data

You can use VET as a payment option at 2.5 million hotels and car rentals