Hyundai Motor Group has invested $10 million into developing its own blockchain.
The new blockchain project will feature its own decentralized applications (dApps) with plans to create an entire “cryptocurrency compensation” ecosystem.
The Hyundai token (HDAC), is set to launch its mainnet in the first quarter of 2020, with the testnet launching sometime in November.
Joo Yong-wan, who is leading the blockchain project, announced the news during Korea Blockchain Week.
Yong-wan plans to partner with other financial companies “to discover and foster small but promising blockchain companies.”
Specifically, Yong-wan stated the company is turning to Ground X, the dedicated blockchain division of South Korean tech giant Kakao that launched the mainnet of its Klaytn platform in June 2019.
This is not the first time the car manufactured has turned to blockchain technology to increase business.
Earlier this year, Hyundai Commercial, a financial services subsidiary of the firm partnered with IBM to research how the company could utilize blockchain.
In April, Hyundai announced a blockchain application for pairing electric vehicles with smartphones.