● Research and develop fundamental blockchain technologies and services to implement these technologies
● Aim to create a new user-generated service model
TOKYO – April 5, 2018 – LINE Corporation announces that it has newly established "LINE Blockchain Lab" as a dedicated team for performing research and development related to LINE's latest foray into fundamental blockchain technologies and services to implement these technologies.
LINE Blockchain Lab is a dedicated team that researches and develops fundamental blockchain technologies, and aims to develop and provide services that implement these technologies. In addition to developing dApps using public blockchain technologies, LINE Blockchain Lab will be researching P2P network distribution systems and encryption technologies as it develops an independent blockchain platform.
* dApp (Decentralized Application): Distributed apps and services, such as those used in blockchain technologies.
* P2P (Peer to Peer): A method for connected devices to transmit directly to each other without the use of a dedicated server.
LINE will use these technologies researched and developed by LINE Blockchain Lab in pursuit of the following goals as it promotes the creation of a new user-generated service model: - implement in existing LINE services; - implement in the financial businesses (including a virtual currency brokerage and exchange, loans, and insurance) currently being prepared and reviewed by LINE Financial Corporation (established January 2018); and - make an open, independent blockchain platform.
* Press release announcing the establishment of LINE Financial Corporation: https://linecorp.com/en/pr/news/en/2018/2024
In conjunction with the establishment of LINE Blockchain Lab, the company is actively hiring engineers, with the goal of reaching a team of around 30 within the year, to work on research and development of the blockchain platform and services that will put it to use.
LINE will be actively involved in undertaking initiatives and creating systems to accelerate the development of its businesses and reinforce its services as it strives to achieve its goal of providing users with new, even more convenient services.