Sigmachain (CEO Kwak Jin-young) has recently announced that they have signed an MOU with MonsterCube (CEO Yoo Jae-Beom), the operator of O2O service called ‘Syrup Table’, to push for a convergence business of blockchain-food technology.
The purpose of the agreement is to create a healthy “food-tech” ecosystem that is shared by small businesses and consumers by implementing a secure, transparent and sustainable “Token Economy” while drastically reducing transaction fees by establishing a blockchain based electronic wallet payment system at Syrup Table, which boasts more than 18 million downloads.
When blockchain technology such as cryptographic money payment is applied to food technology, card fees between 2 to 5 percent will be reduced to less than one-tenth, and food materials that are essential for food safety will be managed properly. In addition, by significantly shortening the distribution phase, it is possible to realize a snowballing distribution margin through complicated distribution stages.
It is predicted that the commercialization of cryptocurrencies in South Korea will accelerate rapidly as Sigmachain technology is applied to large restaurants and user infrastructure of Syrup Table, the largest restaurants information provider in Korea. It is also expected that Sigma chain Network Alliance (SNA) will create synergy through marketing cooperation.
Sigmachain is a blockchain based technology company that was founded by key players in the IT industry who led the venture’s success story. Unlike regular blockchain businesses that focus on issuing cryptographic currency or ICO, its goal is to supply its mainnet to a variety of businesses, especially high traffic DApps.
CEO Yoo Jae-Beom of MonsterCube said, “ We expect that by working with Sigmachain, a blockchain company that has advanced mainnet technology with 300,000 TPS, there will be a foundation for us to leap forward into next-generation O2O platform where both the users and small businesses will get the benefit”.
On the other hand, CEO Sigmachain Jinyoung Kwak said, “We are happy to have an opportunity to prove our technical skills of the mainnet through the Syrup Table — which is the largest restaurants information provider in Korea”. He further added, “We will contribute towards the innovation of the food technology industry with the help of blockchain and our mainnet”.
Since the launch of mainnnet in July 2018, Sigmachain has signed MoU with 11 companies of different sectors from food chains, restaurants, cloud, gaming, health etc.
You can also read the article in Korean here.
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