[Asia Economy Reporter Hyungsoo Park] Bitnine is showing strong performance. The news that President-elect Yoon Seok-yeol is forming two task force teams, the Digital Platform TF and the Government/Public Innovation TF, appears to have influenced the stock price.
As of 1:54 PM on the 15th, Bitnine is trading at 17,250 KRW, up 11.29% from the previous day.
Founded in 2013, Bitnine is the only domestic company specializing in graph database technology. Its main business areas include supplying licenses for graph DB products and providing data analysis solutions based on graph DB. Bitnine developed the world's first hybrid database management system (DBMS) that combines relational databases and graph databases. It is the only company in Korea possessing graph DBMS technology and is the undisputed number one in the domestic graph database sector. Bitnine has built a diverse track record of graph database projects not only in domestic public, financial, and large enterprises but also overseas.
Graph data refers to a set connected by nodes and edges. It is the most useful data structure for expressing relationships (edges) between all entities (nodes). Graph databases allow the most intuitive understanding of relationships between entities. The processing speed of graph databases is significantly faster compared to relational databases.
With the increasing utilization of data recently, graph databases have become one of the core technologies in the 4th industrial revolution markets such as artificial intelligence, big data, blockchain, and metaverse. Global giants like AWS, Google, Meta, and MS already provide various services based on this technology.
The hyper-connected era refers to a society where all things are intricately connected to people like a spider web. In this era, graph technology that connects all people and objects is one of the core technologies.
Bitnine is advancing as a graph technology-based platform company by acquiring shares in Hello Market, a specialized non-face-to-face secondhand trading platform. By securing a secondhand trading platform with over 5 million users, it can further strengthen its data competitiveness. The goal is to grow into a major platform company with graph technology-based service platforms in commerce, finance, and other sectors.
One media outlet reported that President-elect Yoon is additionally forming two task force teams: the Digital Platform TF and the Government/Public Innovation TF. The first task force created was the Blue House Reform TF to fulfill Yoon’s key pledge of abolishing the Blue House and reforming the presidential office. To realize the strong commitment to a "Digital Platform Government," which was the first pledge announced during his candidacy, the Digital Platform TF and the Government/Public Innovation TF will be operated together.
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