#Power of Businesses l 2021-03-29
Now it’s time to take a look at a Korean business bringing about changes in the global economy with some new ideas.
Today, we’re going to introduce Lambda256, a company that promotes wider use of blockchain technology. Let’s hear from company CEO Park Jae-hyun.
Lambda256 is a provider of a cloud-based blockchain service platform. It was formerly a research arm of Dunamu, the operator of Korea’s leading cryptocurrency exchange, Upbit. It spun off from Dunamu in March 2019. Companies or institutions that need blockchain technology may use our blockchain service on cloud systems at reasonable prices.
Blockchain is the ledger system that cryptocurrencies use to record transactions, and blockchain technology is used to protect online transactions against hackers. There is growing interest in cryptocurrencies like Bitcoin and Ethereum, as their prices have risen sharply over the years and more institutional investors see virtual assets as another investment destination.
Blockchain reminds many people of cryptocurrencies because it is the underlying technology behind them. It is easy to understand that blockchain for corporate purposes, not for cryptocurrencies, has drawn relatively less attention. But Lambda256 made a bold decision to develop blockchain solutions for businesses, in the belief that the use of blockchain technology and its growth potential would be boundless.
When people hear about blockchain, cryptocurrencies are probably the first image that comes to their mind. In fact, the essence of blockchain tech is reliability. Many systems are computerized these days, but human operators may still manipulate data. In an effort to solve the problem, many companies turn to blockchain. When trading unlisted stocks, for instance, people worry about various problems including fraud that may arise from the unstable system. But if all the transactions are recorded in the distributed ledgers of blockchain, the process involving every single transaction can be verified. Blockchain ensures transparent transactions of assets, real estate, paintings and even intellectual property rights. As a matter of fact, blockchain technology can be applied to a wide range of areas, not just to cryptocurrencies.
Blockchain has proved efficient and relevant technology has matured. As a result, an increasing number of companies are considering introducing blockchain. But it has a high barrier to entry. It is challenging to develop this new technology, build its ecosystem and apply it effectively. That’s why many companies gave up implementing blockchain, leading to the emergence of services to make blockchain application easier. For example, companies that own blockchain technology proposed providing blockchain in the form of service, which is known as “Blockchain as a Service” or BaaS. It is an enterprise-level platform service designed to help companies build a stable blockchain environment. BaaS providers charge for their technology and services in return. Lambda256 developed its own BaaS platform called “Luniverse.”
Using Luniverse, developers can start their blockchain services easily, even though they may not be a blockchain expert. The platform provides various additional features to remedy the shortcomings of blockchain technology. It also offers multi protocols so users can benefit from blockchain tech that would fit their respective environment. What is better, this tool is affordable, as it employs a pay-per-use model, in which customers pay only for the service they use. It is pretty difficult to actually use new technology without assistance. Luniverse offers technical support and consulting service in an efficient way.
Different businesses may share a similar customer base. Luniverse provides an environment, in which those businesses can band together to generate synergy effects. In other words, the platform makes use of blockchain as infrastructure, where participating businesses collaborate on an equal footing. This is different from the so-called vertical cooperation that centers on a particular company. Currently, Lambda256’s blockchain-based services available in the market include mobile electronic authentication, healthcare and an integrated reward point system.
Companies operate their own reward point systems, and customers can use the points only in a limited way. Using blockchain, however, the points offered by different companies can be integrated easily. Consumers can make the most of the reward points, not missing out on them, while companies can secure new customers and increase loyalty among existing customers.
Lambda256 holds an unchallenged position in the field of BaaS in Korea. Global companies like Amazon, Microsoft and IBM offer BaaS. But their business is focused on cloud infrastructure. They encourage companies to install blockchain in order to expand their cloud business. On the other hand, our BaaS platform offers comprehensive services ranging from the blockchain installment and development to operation and maintenance.
That’s why more and more customers are looking for our BaaS. At present, more than 2,600 customers use our services, and we operate over 150 commercial services.
We’re expanding our business into overseas markets. For example, we joined an Indonesian stablecoin project to contribute to improving the country’s financial services.
Lambda256 attracted investment worth about 6 million US dollars in June last year. The company has drawn an additional 9 million dollars of investment lately. It will spend the funds in exploring foreign markets, securing human resources and developing more services. It also plans on unveiling a new blockchain fintech service that would support the virtual asset business of e-commerce and financial companies.
Our primary concern has been how to make the precious blockchain technology more accessible to the general public. I believe our efforts have contributed to the expansion of blockchain technology and we’re actually witnessing that process. We’ll continue to make diverse efforts to promote wider use of the technology in various areas including finance and gaming. This is the most important goal of the company.
It is said that blockchain technology will change the future. Despite the hype, however, it is still unfamiliar to many people. Lambda256 takes the lead in making the new and difficult technology permeate into daily life. We have high hopes for the future of this company, which is dreaming of becoming the Amazon of blockchain.