LG Starts Taking Its First Steps in Blockchain Technology
LG CNS, the IT subsidiary of South Korean multinational electronics giant LG, has switched on a focused effort to develop and offer blockchain services. LG CNS has introduced a Financial Blockchain platform based on Corda, the distributed book software developed by the global Blockchain consortium led by R3. The chain will only allow specific business partners to share information in a secure accounting book that will allow direct and more efficient negotiation between companies.
LG’s Blockchain services are currently scarce, but the electronics maker is playing catch-up in the area to compete with its traditional rival Samsung who not long ago made a move in this area.
LG CNS will also be opening a digital financial center next July 1 as part of its plans to increase its Blockchain and FinTech engineering staff from 30 to 100 by the end of the year and more than 200 by 2018.
The move can be read as the latest signal from Korea that there is a growing interest in blockchain technology from both public and private sectors. So far, logistics services, new finance companies and the central bank have all openly discussed initiatives and pilot projects on Blockchain technology.
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