LG CNS and Kakao Collaborates to Diversify Blockchain in Business

Mary Brendah by Mary Brendah - 05:41 AM Nov 22, 2019
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LG’s IT solutions affiliate LG CNS and Kakao’s blockchain subsidiary Ground X collaborated with a vision to expand the use of blockchain and applying it to diverse various business areas, the firms said Thursday.

Besides, the two organizations consented to a strategic partnership to jointly create a compatible framework. The Leader of LG CNS’s future strategic business division, Ha Tae-Seok, and Kakao’s Ground X CEO, Han Jae-seon appeared for a signing commemoration; of its headquarters located in LG Science Park in Magok, Seoul.

According to an LG CNS representative:
‘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 for Ordinary Coders


Moreover, Ground X introduced Klaytn, a public blockchain platform back in June. The platform  supports a developer-friendly ecosystem for blockchain coding and implementation. In addition, Ground X is currently effectively enabling the utilization of blockchain among ordinary individuals.

A representative from Kakao’s Ground X said:
‘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.’

LG CNS launched Monachain


In addition, back in  May, LG CNS launched Monachain to construct a local currency payment platform; dubbed “Chak”. The Korea Minting and Security Printing Corporation used Chak earlier this year. Ideally, this was perceived to be first utilisation of blockchain in the public sector.

In conclusion, Monachain has also been utilized in the private sector.  In particular, the platform was first adopted by LG Uplus, which streamlined the insurance payment process; for lost or damaged mobile phones back in July. In fact, the blockchain system securely shares Uplus information with KB Insurance, customers do not have to submit additional paperwork.

 

About The Author
Mary Brendah

Mary BrendahMy first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.

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