Digging Korean Startups #1, ITDA

Hello, this is CHA's place. I want to make some research about Korean prominent startups.

Well as all of you might know,

The best way to be good at something is teach others about that

I just realized that there is an opportunity in startups in Korea and if I have some knowledge about them it might be useful in the future to seize the opportunity.

Through Rocketpunch. com, I could get some information about them. Today I am gonna share the business model of them and my opinion about the industry they are participating in. I chose this company cuz it is on the top of popular list.

The very first company that I want to tell is ITDA!

As all of you guys might know Blockchain is hot!

This is the company which utilizes blockchain to change the way of work...Well I don't think I should explain what is blockchain or what is distributed ledger. If you want to get the gist of them, you might want to check this.

So, this ITDA's name is came from Korean word '잇다' which means connect. They say they will connect valuable resources and digital experiences. Since the blockchain technology is basically about information transmission their business seems makes sense.

They say they will build solutions to solve real business problems. They say they can give comprehensive offering in blockchain.

As you might notice, they explain their business in vague term. I personally don't understand so how can companies can use their services.

So, ITDA says it can also help choosing which of your process are suitable for blockchain. I think to achieve success in this business it is essential that companies agree this blockchain will reduce cost or create new way of doing business and get the number that how much they can save or earn by using blockchain. However, since it is very first stage of business there is no proof that this can actually works. It will be hard for them to persuade companies use blockchain until they can see real number.

I saw some articles about big companies and traders in U.S. start to use blockchain. But in Korea..? I guess the big companies will actively use it after foreign companies give actual number. They are conservative when it comes to taking changes. I hope this Korean based company will survive until the time.

Also, they provide smart contract service and can create own notary registry built on Ethereum.

In their webpage, they say they are doing 2 projects now. Whocarse and Eatformation.

Whocares is the business matching health trainer and people who want to get personal training in personal place. Can you guess how blockchain used in this business? I also wondered and searched and found this interview
http://newsculture.heraldcorp.com/sub_read.html?uid=115552&section=sc169

the truth is that the Whocares is one of it's co founder's business and not related with bolckchain. However, the model of this business is good I think.

And second project is Eatformation. I read article about IBM and Walmart is doing that business. Tracking food's record.
It is so great business model and I wanted to dig more up about Eatformation. There was an article saying the Eatformation project is doing business with premium meat brand 'Boseongnogdon' or '보성녹돈'. They track the origin of pork using blockchain.

This company recently got 300milion Korean won worth investment. They are at the beginning of the business as well as the whole industry. Blockchain will change the world people say and this startup might leading company in Korea. But it will take time to them to prosper I guess.

Thank you fro reading this. If you have any thought or comment please let me know!!!

I hope this will help you in someway.