The Klaytn Foundation has unveiled its plan with the goal of creating positive changes in society using blockchain technology. Developed by the well-established Korean IT company Kakao, the foundation aspires to broaden financial accessibility globally by endorsing fresh projects on the Klaytn blockchain.
RWA Tokenization to Enhance Financial Accessibility
According to its detailed 2023 roadmap, the Klaytn Foundation is gearing up to transform the Klaytn platform into a vital public foundation for the upcoming on-chain world. This transformation will focus heavily on incorporating essential infrastructure that aligns with societal needs. Launching the Real World Asset (RWA) tokenization program is crucial to this vision.
To jumpstart this program, the foundation has teamed up with several partners to facilitate bringing real-world assets on-chain. This partnership roster includes CREDER, a platform specializing in digital assets backed by physical gold, and Tokeny Solutions, a company that aids businesses in releasing RWAs while maintaining full compliance. Additionally, the line-up includes Elysia, which is working to simplify the trading process for residential and commercial real estate, along with other tokenized RWAs.
The Klaytn blockchain is a promising host for these assets. It offers features such as minimal transaction delays compared to other EVM Layer 1 platforms and network fees significantly lower than Ethereum — to be exact, 2500 times lower. These characteristics are expected to enhance transparency, security, and accessibility by automating ownership management, fractionalizing high-value assets, and keeping a detailed record of transaction history on the chain.
Building a Future with Diverse Blockchain Applications
Looking ahead, the foundation plans to expand its RWA tokenization initiative by developing infrastructure capable of supporting a more comprehensive range of RWAs. This progression entails creating solutions for issuing tokens, storing assets, and establishing trading platforms, accompanied by a new standard for RWA tokens to satisfy all compliance requirements.
Since launching in June 2019, Klaytn has ventured into various areas, including decentralized finance (DeFi), entertainment, gaming, and the integration of real-world assets. It even played a role in the Bank of Korea’s pilot project for a CBDC. Currently, it has a strong presence in South Korea, hosting over 300 decentralized applications and registering more than 1 billion transactions.
The Klaytn Foundation is confident its initiatives will pave the way for positive social change. This includes showcasing innovative applications for blockchain technology, integrating more businesses into the Web3 structure, and highlighting the potential of technology to reshape global markets. Through careful planning and strong partnerships, the foundation is on track to speed up the mass adoption of blockchain technology, aiming to shape a future where technology and society intersect.