The move follows FLETA’s partnership with the Korean government for which it stores clinical trial data on its blockchain, and is familiar territory for the firm.
The platform will see Neo and FLETA’s teams combining their skills to help eliminate data manipulation in the medical industry. During the project, they will also work with experts from the KyungHee University Medical Centre, in the Korean capital, Seoul.
The Neo news comes after FLETA partnered with more big names across the blockchain space. Previously announcing working agreements with Tomochain and Wanchain. The agreement with Neo will see FLETA applying Neo’s virtual machine to its blockchain.
This comes days after it announced an agreement to work alongside the software giant Oracle.
Neo is one of the first and most widely recognized cryptocurrency projects globally, and the Neo team will work with FLETA to help upgrade its smart contract process.
James Song, Head of Global Strategy, at FLETA, explained the process and the decisions behind the move. “FLETA is seeking to expand its ecosystem into the global market,” he said.
“We have been mainly operating in Korea for two years and we believe we have built a strong reputation in Korea. We’re excited to bring what we have done to the global region. Working with Neo will definitely accelerate that process. “
“Not only will we be utilizing Neo’s virtual machine (VM) but we will be working together to create use cases. This Clinical Trial Research Registry Platform will be the first. “
“KyungHee University Medical Center will also participate in this project to provide diabetes data that they have been collecting for nine years. We will put all of our efforts towards developing this project to prevent data manipulation in the medical industry. We plan to make this project global, by collaborating with Neo as well.”
Launched in 2018, FLETA’s blockchain technology is already being used by the Korean Government for the safe and secure storage of clinical trial data. Now, the project is again looking to expand outside of its native market.
FLETA’s unique blockchain uses a proof of formula (PoF) consensus algorithm, and has a transaction time of 14,000 transactions per second. The blockchain has been specially designed to allow decentralized apps based on the network to each use their ‘own’ chain, speeding up transactions, and reducing delays caused by extra traffic on the blockchain.
This unlimited scalability and low transaction fees make it a platform with high usability. The project was founded in Korea in 2018, and currently employs around 18 staff in the country, and has plans to expand into Asian, European and American markets.