LG to Merge Public and Private Blockchains
November 21, 2019 9:01 pm
The partnership between LG’s IT affiliate LG CNS and the blockchain subsidiary of Kakao, Ground X, aims to merge public and corporate blockchains. The Korea Herald reported that both firms agreed to build mutually compatible infrastructure.
Ha Tae-Seok, the head of LG CNS’ future strategic business division and Han Jae-Seon Ground X CEO attended the formal signing ceremony at the LG CNS headquarters in Magok, Seoul.
An LG representative stated that there are many inter-chain projects in the blockchain industry that should work across multiple unique networks in order to be successful.
The spokesperson added:
“We will break down the existing boundaries between private and public blockchains through this partnership and combine our strengths for new business opportunities.”
A Ground X representative explained that the anchoring technology of its Klaytn network will ensure the purity of the data provided by LG CNS’s Monachain blockchain and said that the collaboration will help grow the South Korean blockchain ecosystem.
In September, LG announced that it is currently working with blockchain developers to launch a blockchain-based mobile phone. According to the recent report, LG had already discussed with local decentralized application (DApp) developers and worked out a case for its upcoming project.
The report says:
“LG is likely to respond to Samsung’s innovation initiative”.