[Asia Economy Reporter Jang Hyowon] CityLabs, a blockchain smart city integrated platform company, announced on the 29th that it has signed a strategic business agreement (MOU) with the Korea Genetic Information Research Institute.
The signing ceremony took place at CityLabs headquarters, attended by CityLabs CEO Youngjoong Cho, Vice President Hyungil Jin, and Korea Genetic Information Research Institute CEO Byungjoo Park, Director Seungho Lee, and Research Director Jinwook Jung.
Through this business agreement, both parties plan to utilize CityLabs' blockchain solution MiddleBlock decentralized identity authentication (Decentralized Identity, DID) to convert the genetic test results of humans and companion animals held by the Korea Genetic Information Research Institute into MyData. CityLabs has independently developed decentralized identity authentication and utility token implementation solutions that are easily usable across various services.
In particular, both parties agreed to jointly develop and operate a blockchain-based metaverse platform that enables users to have continuous experiences in both online and offline environments. To this end, they plan to link various premium services such as companion animal-specific dietary and clinics centered on genetic testing in the companion animal market.
The Korea Genetic Information Research Institute is a leading bio-technology small and medium enterprise in the field of genetic testing that identifies potential diseases using samples collected from human and animal tissue cells. It provides parentage and personal identification tests by analyzing human genes. For plant and animal genes, it is used for species classification and potential disease testing.
CityLabs, which is recently diversifying its business portfolio, plans to expand its business area into MyData for genetic information and services related to the companion animal market through this business agreement.
CityLabs CEO Youngjoong Cho said, “The security, irreversibility, and integrity required by genetic test data-based services of the Korea Genetic Information Research Institute make MyData conversion through decentralized identity authentication essential. We will actively support CityLabs' technological capabilities to enable genetic testing expertise to be serviced across various domains.” He added, “CityLabs will actively promote the decentralization of service for various service domain operators by 2023 and strive to establish itself as a strong blockchain solution company by early building a sustainable revenue model.”
CityLabs is recently shifting its business portfolio from primarily public sector projects (B2G) to B2B/B2C sectors. To this end, it has recently signed successive business agreements with India’s Intelliblock and blockchain platform Polygon.
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