Hyundai is the largest South Korean brand and well-known in the USA. Sales of the Hyundai vehicles take up to 4% of the market on annual basis. There are Hyundai models that became so popular to even compete against some of the premium brands. Therefore, it is no surprise that Hyundai has joined the crypto race and is launching Hyundai blockchain solutions. These would have a strong impact on not just the car industry, but the housing as well. Apparently, smart cities are the next big thing.
Originally, Hyundai issued a statement announcing the investment of $10 million in the blockchain industry. Namely, the company planned to invest the funds in the development of dApps (decentralized apps) services, and mainnet. Additionally, Hyundai also worked on the development of a “cryptocurrency compensation system”. This system should run on a token ecosystem.
The plan is to have mainnet up and running in the first quarter of 2020. Simultaneously, Hyundai is working on the adoption of blockchain technology that should apply to car industry and another of Hyundai branches – construction industry.
Launch of Cryptocurrency & Blockchain
You may not have heard, but Hyundai has its own cryptocurrency. Hyunday DAC (HDAC) has a price of $0.02. Maximum supply is 11.5 Billion coins. When launching the crypto, the intention was to create the reliable ecosystem for running of the transactions and interconnecting the private and public blockchains.
Launch of a blockchain allowed for Hyundai to retain the competitive nature among other South Korean companies that run businesses globally.
The official announcement from 2018 stated the following:
“…we identified opportunities for incorporating blockchain technology into various businesses such as automobiles, logistics, parts, and construction, and also planned to build an in-house token economy ecosystem. Furthermore, the company plans to expand the blockchain technology to various mobility services that are expected to have great potential in the future, such as vehicle life cycle management that leads to parts-to-production-used car services.”
In the meantime, the car manufacturing giant decided to go a step further. Specifically, Hyundai recognized the immense possibilities that blockchain has to offer. Therefore, they reportedly left enough space for more wider blockchain applications. Hyundai is currently working with the existing blockchain providers, such as Kakao’s Klaytn. They are also purportedly planning to create a blockchain incubator.
Construction Industry and Smart Cities
A branch of a Hyundai company is focused on construction works. Hyundai BS&C is reportedly working on applying blockchain solutions to a block of apartments. These are under way in South Korea. Apparently, each apartment will feature blockchain wall pad computer terminal. Blockchain technology would serve to build smart homes and smart city services. Similar project is underway in Nevada. Building smart cities appears to be a trend that has taken its course and we will probably see more of such projects in the future. Such cities would be energy efficient.
Speaking in plain English – the goal is to connect the devices and vehicles to the blockchain using minimum bandwidth and power. Once this happens, the technology takes care of the usage of resources. As the same time, blockchain enables conservation of energy as much as possible. This means that blockchain-based smart systems would be able to analyze the consumption of, let’s say – electricity or water, as well as to regulate the consumption with pre-determined rules. The same system should be able to track the deficiencies and make sure the users are getting what they paid for.