LG CNS joins Enterprise Ethereum Alliance

LG CNS, a subsidiary of electronics giant LG Corporation, has joined Enterprise Ethereum Alliance (EEA), a member-led organization that aims to drive the use of Ethereum blockchain technology.

Launched in 2017, EEA is focused on developing a set of open-source, standards-based blockchain specifications that can be trusted and utilized globally for the betterment of all businesses and consumers. It currently has more than 500 members including the likes of Microsoft, Santander, JPMorgan, Accenture, BNY Mellon and many others.

LG CNS is already a member of Hyperledger, which it joined in July 2018, and the blockchain consortium led by R3, which it joined in 2017.

The company said that the three initiatives – EEA, Hyperledger, and R3 – have different blockchain technologies, but deal with enterprise technology.

“An enterprise blockchain is a “Permissioned blockchain”. Unlike the public blockchain, only pre-agreed users can join the network,” LG CNS explained (via online translation).

In May 2018, LG CNS launched Monachain – a blockchain platform aimed at digital authentication, digital currency, and digital supply chain management. The following month, it was selected by the Korea Minting, Security Printing & ID Card Operating Corp. (KOMSCO) to establish a blockchain open platform.