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Korean public blockchain Klaytn teams up with ConsenSys, aiming for CBDC project

Monday 26 April 2021 13:18 CET | News

Klaytn, a South Korea-based public blockchain, has partnered with Ethereum developer ConsenSys to advance its central bank digital currency (CBDC) efforts.

Klaytn is a public blockchain based on Ethereum technology, founded by Ground X, a subsidiary of Kakao, which operates Korea’s largest social network of over 50 million users. Compared to other networks, Klaytn is more controlled, because its consensus network is operated by a governing council of approved corporates such as Worldpay, LG, SK Networks, UnionBank, and Hanwha Systems.

The current announcement involves Klaytn developing a private blockchain for the potential digital won. But this, according to Ledger Insights, demands greater privacy. Hence with ConsenSys, it is developing a private blockchain to enable the data protection that financial institutions demand. It will also provide scalability through a layer 2 (batching) solution as well as interoperability bridges with other blockchains.

To learn more about CBDCs, download our ebook Central Bank Digital Currencies for Beginners – A Quick Guide into CBDCs.
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Keywords: Ethereum, ConsenSys, partnership, blockchain, CBDC, central bank
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: Korea, Democratic People's Republic of
This article is part of category

Blockchain & Cryptocurrencies