- Summary:
- Klaytn Foundation, based in South Korea, intends to use blockchain technology and tokenised Real World Assets (RWA) to drive positive change.
Klaytn Foundation, the organisation behind the open-source Klaytn blockchain and ecosystem, has announced a bold initiative to use blockchain technology for social good. It hopes to do this by backing a new wave of projects built on the Klaytn blockchain, which will increase financial inclusion in Asia and beyond.
Klaytn is a worldwide Layer 1 public blockchain developed by Kakao, a renowned South Korean IT company, and is on a mission to power the on-chain world of the future. In addition to enterprise-grade stability and a user- and programmer-friendly environment, Klaytn also boasts of having among the lowest transaction latency of any major blockchain.
Driving positive social change with RWA tokenization at the heart of it
Klaytn Foundation, in its 2023 road map, stated its intention to make Klaytn the public foundational layer of the onchain world of the future. It has now elaborated on this ambition by detailing the specific use cases—such as tokenizing Real World Assets (RWAs)—that will be essential to accomplishing this goal. The Foundation sees great potential in the technology’s capacity to automate ownership management, fractionalize high-value assets, and record transaction history on chain.
The Klaytn Foundation is partnering with many companies to launch its RWA initiative and begin tokenizing real-world assets. Among them is Tokeny Solution, whichs assists organisations in issuing RWAs in a compliant manner, and CREDER is a financial platform centred on digital assets backed by physical gold. Elysia, a platform that facilitates the trading of residential and commercial real estate tokens, is also on board.
To accelerate its RWA tokenization initiative, Klaytn Foundation plans to build out the necessary infrastructure to accommodate additional RWAs. In order to ensure that regulatory and legal criteria are followed, the Foundation is working on solutions for token issuance, asset storage, and trade.
The Foundation believes it can make a beneficial social impact and create new use cases for blockchain technology through initiatives like the RWA programme. This will demonstrate the power of web3 to revolutionise international trade and bring more companies online.