Line Corp. (Naver) will create the Line ecosystem based on the blockchain and AI

“Line prepared a shift based on the AI system last year. This year, I expect blockchain lead another paradigm shift.”

This is a line from Eui-Bin Park, CTO of Line Corp., one of the major messenger applications in Korea. Line Corp. is set to take another leap by upgrading its services into "a lifestyle-based financial platform.” At the last session of "2018 Line DEV Week”, she announced the future vision of Line Corp.

In fact, it is the 4th anniversary of "Line DEV Week”. In the 2018 Line DEV Week, more than 1,000 developers around the world including Korea, Japan, China, Thailand, Vietnam, and Taiwan participated in this conference. About 30 workshops were held, having a presentation day at the end of the week.

Source: Bloter.net Eui-Bin Park, CTO of Line Corp., having the keynote speech on the last day of 2018 Line DEV Week.

CTO Eui-Bin Park also said that users / consumers are the ones who created information and the Internet based platforms while they have been excluded from getting rewards. “By utilizing blockchain technologies and the Token Economy, we will create the Line platform where users can get rewards for their contribution and they get motivated to actively participate in the paradigm shift."

Line Corp. owns various mobile platform businesses including the mobile messenger “Line.” Line is the most popular messaging application in Japan, Thailand, and Taiwan. Line Corp. has established many mobile-based platform services like shopping channels, LinePay as financing and payment service, Line Live as a streaming service, AI-based speaker “Clova”, and chat-bot service. Based on such accomplishments, Line Corp. is planning to open a new platform of “Lifestyle-based finance.” Since this January, it has established Line Financial and Unblock, a daughter company dealing with blockchain technologies.

Source: Bloter.net Eui-Bin Park, CTO of Line Corp., having the keynote speech on the last day of 2018 Line DEV Week.

The company is so focusing on the field of “Crypto Economy”, which can be interpreted as blockchain technologies and cryptocurrencies. With its daughter company “UNBLOCK” and internal development group “Blockchain Lab”, it plans to create a Token economy ecosystem. CTO Park added that UNBLOCK would focus more on investment and accelerating while the Blockchain Lab will work on the development of DApps (Decentralized Applications). Line Corp. has an ambition to expand its business to other countries. The Blockchain Lab is also participating in the development of the Main Net where DApps will be launched. The development of the Main Net is known to be at the final stage.

Line Corp, is planning to introduce various kinds of financial services like Line Wallet, Line Insurance, Line Invest and Line Loan/Score service. It will also introduce a cryptocurrency trading service in the near future.

Korean experts in the financial sector said that the conventional financial services have been expensive, slow, and inconvenient with awful user experiences. Line Corp. is expected to come up with an enhanced financial platform with its years of experience.

It will adopt AI systems and chat-bot services according to change in user experiences. Voice search has been a new norm for the searching interface and the consumption patterns have been changing. Such efforts are to in line with users’ expectation and paradigm shifts.

Source: Bloter.net 2018 LINE DEV WEEK

Currently, Line’s active users surpassed 90 million on a monthly basis. It has introduced a magazine type portal to make the screen filled with various content. It started a new content of Line Shopping where users can compare prices and products. In addition to these, different types of services such as Line Music, Line Comics, and Line Live have been launched in many countries and gained ground.

CTO Part added that, “With integration of blockchain technologies on the platform Line Corp. has provided, we will upgrade Line’s services and cooperate with our partners to create an ecosystem where everyone can win.

Comments: Naver is the biggest portal service provider in Korea and Line is its messaging application that has gained ground in Asia. In other words, it would be a Samsung on the Internet business sector, having a massive influence on the Internet-based industries in Korea. No matter what the Korean government claims, it is companies and users who actually make changes, advancing the related industries. I personally believe in blockchain technologies and Line Corp.’s move will cause a chain effect on the IT industry in Korea, having a positive impact on both the cryptocurrency markets and establishment of the Token economy.