Korea Investment Partners (KIP), the largest venture capital firm in South Korea, is investing in its first blockchain startup.
Announced Tuesday, KIP is investing an undisclosed amount of money into Temco, a blockchain-based startup that aims to revolutionize supply chain management systems for small- to medium-sized businesses (SMEs) using blockchain technology. Specifically, according to Temco’s website, vendors can track the movements of products from distribution to eventual consumption on a blockchain, and then share the data as well.
“Temco is more than prepared to disrupt contemporary supply chain process,” Jong Hyun Kim, the fintech investment board member of KIP, stated in the official press release, adding:
“Not only does Temco exceed existing business solutions, but also is a prime example of the potential of blockchain technology.”