LG Launches Corda-Based Blockchain Platform In South Korea

LG CNS, the IT subsidiary of South Korean electronics company LG, has started exploring blockchain services.

In a press conference at FKI Tower in Yeouido, the company  announced that it it will strenghten its digital finance business.

“The financial sector is at the center of the fourth industrial revolution.”, said Kim Yong-seop, president of LG CNS, as quoted by Business Korea (businesskorea.co.kr).

“We mapped out plans to lead financial companies’ digital transition based on our accumulated capabilities in the field of financial information technology.”, he elaborated.

LG CNS`s blockchain platform is reportedly based on the “Corda” distributed technology of the R3 Consortium, a global banking blockchain consortium. The permissioned blockchain allows trading partners to share information in a secure ledger. This is supposedly making it possible for companies to do business in a more straightforward and efficient way.

According to reports, LG CNS also opened a digital financial center on July 1. Moreover, the company plans to increase its staff of blockchain development and FinTech engineers from 20 to 100 by the end of the year and over 200 in 2018.

LG`s effort to focus on blockchain services can be seen as a response to Samsung`s work in that direction.

In April Samsung SDS, the IT subsidiary of Samsung Electronics, launched Nexledger, a blockchain paltform that focuses on enterprise and business customers, as cryptocoinnews.com wrote in a recent article.

South Korea`s private sector is generally seeing examples of blockchain technology adoptation. For example, the Gyeonggi-do province, the most densely populated province in the country, implemented a voting system for community projects that relies on blockchain technology. Also, the state-backed insurance operator Kyobo Life is reportedly trialing the “first” real-world pilot of insurance payments over a blockchain. The transactions are to be made between major hospitals in Seoul`s metropolitan region later this year, as the article explained.

That’s an interesting news for the world of crypto, who knows if other major companies will invest or even create their own cryptocurrency exchanges to have a bigger hold on the future of finance.

Michael Hughes