Hdac, the blockchain and cryptocurrency subsidiary of South Korean conglomerate and auto giant Hyundai, says it has overseen the release of the first decentralized app (dapp) on its blockchain network – and adds that a “blockchain-powered trading platform” will follow.
The dapp has been developed by Levoist, a K-pop-themed music rights management platform that has won backing from a number of major music and business partners, including streaming platform Genie, K-pop agencies DSP Media and Star Empire and the Emart supermarket group.
Levoist wants to launch its WeX platform on the Hdac network, and in January oversaw its first music release: a collaboration between two members of the chart-topping K-pop girl group April.
Levoist says that its platform lets fans crowdfund music projects from their favorite artists – and buy a share of songs’ digital rights. This, it says, will allow contributors and rights owners to receive royalties from their digital albums and singles up to 70 years after they are released.
The two companies say they want to push ahead with the next step of their operations, launching the tentatively named WeXDaq “blockchain-based trading platform” on Hdac – where transactions will be made in the Hdac Coin (HDAC), launched in 2017, and then converted to fiat.
Hdac said that the move would help the company “continue to discover various and marketable blockchain-powered business,” per Seoul Finance.