Ground X, the blockchain unit of South Korea’s Internet giant Kakao, is utilizing its public blockchain Klaytn to transform a leading local media group into an incentivized, blockchain-based content platform.
The Korea Economic Daily is one of Korea’s premier business newspapers, operating over 10 multimedia platforms including digital and print newspapers, various magazines, a TV station, book publisher, and more. With a mission to strengthen its readership in an era of digital disruption, the Daily is using the Klaytn blockchain in its infrastructure to empower and incentivize readers to actively engage with the media.
First, the Daily is participating in co-governance of the Klaytn blockchain. Klaytn is run by a shared governance consortium, known as the Klaytn Governance Council. Dedicated to generating long-term growth of Klaytn, the Council is the steering and governing body of Klaytn, shaping the features and economy of its ecosystem.
The Klaytn Governance Council consists of 32 large enterprises, covering key verticals, from finance, IT to gaming and content, spread across Asia, including Worldpay, LG Electronics, Binance, and more. The Daily is the 32nd member, and the very first media company to sit on the Council.
As the Council continues to grow, the Council takes on the responsibilities of not just securing the platform, but also working with other members to expand Klaytn’s reach across the region to maintain its position as one of the world’s de-facto public blockchains.
In addition to fulfilling its Council responsibilities, the Korea Economic Daily is utilizing the Klaytn network in facilitating the way their readers interact with the news: to devise an incentivized system by allowing readers and contributors to engage with the news content with Klaytn’s token KLAY.
For example, the readers can earn KLAY for their news subscription or even editorial contribution. They can also be rewarded for sharing news articles to social media accounts or approving video advertisements that they wish to see on the official Daily website. Further, the readers will also be able to pay their subscription or buy charged contents with KLAY. They can attend various seminars and events that the Daily media group offers with KLAY as well. This way, the Daily will be able to shift away from the one-way communication method of traditional newspapers and create a more interactive platform that invites readers to actively participate.
“We are excited for the Korea Economic Daily, one of Korea’s top newspapers, to utilize our public blockchain platform Klaytn to transform into an incentivized platform that can more actively interact with readers,” said Jason Han, the CEO of Ground X, heading the development of Klaytn. He added, “We look forward to together foster the growth of the Klaytn ecosystem.”
“We are excited to join forces with other high-profile Council members for helping grow and govern the Klaytn platform,” says Jungho Kim, the CEO of Korea Economic Daily. “Our successful adoption of Klaytn will set an exemplary case that can stimulate sustainable growth in the industry and to bring many more meaningful use cases.”
