- LINE will introduce their application services through their blockchain platform by the first half of this year
LINE CTO, Park Euivin, stated that LINE will introduce their application services through their blockchain platform by the first half of this year. One of those services will be LINE Q, a community-driven question-and-answer knowledge market. LINE Q wants to motivate its users to offer answers by rewarding them with virtual currency.
LINE plans to install LINE Q along with other services to attract startups to their blockchain platform.
Park stated, “We are considering issuing tokens as compensation,” but noted that Line will not organize an ICO. “We will be one of the first to introduce useful real-life services by creating an ecosystem of blockchains.”
LINE recorded 48.7 billion yen in sales in the first quarter of this year, up 20 percent from the same period last year. The company established its subsidiary LINE Financial Corporation in January this year and is expanding its business to include blockchain, cryptocurrency exchanges, loans, and insurance. Its cryptocurrency exchange is currently undergoing a review at the Financial Services Agency in Japan.
Park also predicts that global IT dinosaurs such as Google and Facebook will soon enter the blockchain market. Park stated, “Even though Google is a giant company and has many technical strengths . . . LINE has over 200 million messenger users as well as abundant service application experience which can give us a competitive edge in the blockchain industry.” LINE offers applications for pay, delivery, and taxi services.
Brian Newar – editor
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