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LG CNS enters into blockchain partnership with Kakao’s Ground X

Fri, 22 Nov 2019, 06:16 am UTC

LG CNS, a subsidiary of electronics giant LG Corporation, has partnered with Ground X, a blockchain subsidiary of internet giant Kakao, to expand the use of blockchain technology and implement it across multiple business areas, Korea Herald reported.

Under the partnership, the companies will work closely to build mutually compatible infrastructure.

In May 2018, LG CNS, a member of the Enterprise Ethereum Alliance (EEA) and Hyperledger, launched Monachain – an enterprise blockchain platform that can be applied across industries from finance to public sector, communication, manufacturing, and beyond. The platform has been reportedly used by the Korea Minting, Security Printing & ID Card Operating Corp. (KOMSCO) for developing the Chak cryptocurrency payments platform.

Monachain is reportedly in use in the provincial cities of Gunsan, Jecheon, Seongnam, Siheung, and Yeongju.

In October 2018, Ground X introduced its public blockchain platform, dubbed ‘Klaytn’, which went live earlier this year. The platform focuses on providing an optimized platform for service providers to develop and operate decentralized applications (or DApps).

Commenting on the partnership, an LG CNS representative said that the companies will particularly aim to break down the boundaries between private and public blockchains.

“Currently, there is an active ‘inter-chain’ projects within the industry to connect unique blockchain ecosystems,” the representative said. “We will break down the existing boundaries between private and public blockchains through this partnership and combine our strengths for new business opportunities.”

“Our Klaytn’s anchoring technology will solidify LG CNS’ Monachain’s data purity and reliability. Collaborating with Korea’s representative IT service company, LG CNS, will lead to a growth of blockchain ecosystem in the country,” a Ground X representative added.

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