LG CNS, a subsidiary of the South Korean multinational conglomerate LG Corporation, announced its intention to strengthen its position in key innovative areas, including blockchain. Thus, the company wants to promote the fourth industrial revolution.
As part of the promotion of this idea, LG CNS will lead developments in the areas of seven innovative technologies: blockchain, Internet of things (IoT), artificial intelligence (AI), smart city, smart production, smart energy and robotics. Each of the seven directions will get its own brand within LG CNS.
This is not the company's first step towards distributed ledger technology (DLT):
- Previously, LG CNS introduced Monachain, its own blockchain platform. It deals with the spheres of finance, industry and communications. The platform has a digital authentication system, own digital currency, and tools for managing supply chains. Additionally, Monachain users can register a digital wallet and carry out financial transactions.
- Also in August this year LG CNS joined the Hyperledger consortium. The partnership is designed to meet the global demand for the development of solutions based on DLT. The consortium focused on promoting open source software.
- And in July of last year it became known that LG CNS is testing the financial platform Corda, developed by the blockchain consortium R3. The company chose this platform because it provides the opportunity for selective disclosure of information stored in its decentralized database.
- LG CNS also was elected by the South Korea’s minting corporation to create a public-sector blockchain platform to provide a range of services, including the release of a community token for widespread use.