Copy link
Increase text size
Decrease text size
Link copied

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.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $8,815.62 (-5.74%)
  • Ethereum (ETH) $229.72 (-8.14%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $319.39 (-8.84%)
  • Bitcoin SV (BSV) $226.51 (-12.59%)
  • Bitcoin (BTC) $8,815.62 (-5.74%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft