Most recently, LG’s IT solutions subsidiary LG CNS and Kakao’s blockchain subsidiary Ground X collaborated to boost blockchain technology and apply it to various business sectors, as declared by the organizations.
Besides, the two organizations consented to a strategic association to commonly build a compatible framework. The Leader of LG CNS’s future strategic business division, Ha Tae-Seok, and Han Jae-seon, Kakao Ground X CEO, appeared for a signing commemoration of its headquarters located in LG Science Park in Magok, Seoul.
An LG CNS representative said,
Currently, there is an active ‘inter-chain’ project within the industry to connect unique blockchain ecosystems. We will break down the existing boundaries between private and public blockchains through this partnership and combine our strengths for new business opportunities.
Ground X introduced Klaytn, a public blockchain platform, in June. It supports a developer-friendly ecosystem for blockchain coding and implementation, and currently, it is effectively trying to promote the utilization of blockchain among ordinary individuals.
A representative of Ground X remarked,
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 the blockchain ecosystem in the country.
In May, LG CNS introduced Monachain to construct a local currency payment platform known as “Chak.” Earlier this year, it was utilized by the Korea Minting and Security Printing Corporation. This was perceived as the first utilization of blockchain in the public sector. Moreover, Chak is presently being utilized in provincial areas like Seongnam, Siheung, Yeongju, Gunsan, and Jecheon.
Monachain was first embraced by LG Uplus, which organized its payment process for the insurance of damaged or lost cell phones in July. Since the blockchain framework safely shares Uplus data with KB Insurance, clients need not submit extra paperwork.