City Labs Joins Global Blockchain Platform 'Polygon Alliance'

[Asia Economy Reporter Jang Hyowon] CityLabs, a smart city integrated platform company, announced on the 5th that it has signed a strategic business agreement (MOU) with the blockchain network 'Polygon (MATIC)'.

Through this MOU, CityLabs plans to integrate and apply the smart city industry into Polygon's blockchain ecosystem, including utility tokens, NFTs, and metaverse solutions.

Polygon is a Layer 2 scalability solution designed to efficiently perform Ethereum-based transactions. It provides a comprehensive platform that converges ICT such as virtual assets like tokens and NFTs, as well as the metaverse, and builds a highly interoperable blockchain ecosystem with advantages such as fast processing speed, high security, and openness.

As CityLabs is currently incorporating blockchain technology into the smart city industry, where demand is continuously expanding, to build various solutions such as risk structure safety diagnosis and electric mobility, it plans to make multifaceted efforts for the convergence of smart city and blockchain ecosystems starting from this MOU. In addition, it will expand collaboration with businesses aiming to supply virtual asset services and proceed with the establishment and activation of new services integrated with the Polygon platform.

Jo Youngjoong, CEO of CityLabs, said, “Polygon, which has been functionally verified in the global market, has built an ecosystem of 19,000 dApps and is working on implementing Web 3.0 and various scalable solutions.” He added, “Through this MOU, we will strive to ensure that the various services we are developing, aiming to standardize the 4th industrial smart city model, can be implemented on a broader scale within the blockchain ecosystem.”