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Korea’s Kakao bolsters blockchain service with Festy

South Korean digital industry giant Kakao has bolstered its blockchain platform by teaming up with Irish startup Festy.

Under the agreement, both firms will collaborate to develop a new blockchain payment and analytics application.

Festy launched in 2016 as a company providing wristbands that would store payments and ID information at music festivals.

The cashless firm transformed into a ticketing and payment organisation using blockchain technology. It uses its platform across clubs and other live venues, as well as festivals, allowing customers to check in and out using the Festy ticketing system.

Earlier this month, an agreement had been reached with a subsidiary of Kakao, Ground X, to help create the blockchain-based payment system to be used on the Festy platform. The new Klatyn platform will be up and running in July and will be privacy oriented for consumers.

Festy founder Graham de Barra said, according to CoinGeek: “We can allow a more transparent system for these transactions, where the consumer can get remunerated for contributing towards the big data that’s being built around them.”

Image: mmi9

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