LG CNS, the information technology subsidiary of South Korean multinational electronics giant LG, has switched on a focused endeavour to educate in addition to offering blockchain services.
According to Business Korea, LG CNS has introduced a fiscal blockchain platform based on Corda, a distributed ledger software developed yesteryear the global banking blockchain consortium led by R3. The permissioned blockchain volition encounter exclusively specific trading partners portion information inward a secure ledger that volition enable straightforward in addition to more-efficient deal-making betwixt companies, according to the report.
LG CNS is likewise opening a digital fiscal centre on July 1 amid plans to increase its staff of blockchain evolution in addition to FinTech engineers from xxx to 100 yesteryear the terminate of the yr in addition to over 200 inward 2018.
While details of LG’s blockchain services are currently scarce, the electronics-maker is playing choose grip of upwardly to its traditional contender Samsung inward the blockchain stakes.
Earlier inward April, Samsung SDS, LG CNS’ counterpart equally the information technology subsidiary of Samsung Electronics launched Nexledger, an enterprise- in addition to business-focused blockchain platform. Samsung SDS volition oversee a airplane pilot blockchain projection for Korea’s transportation logistics manufacture this year. The projection will track imports in addition to exports as good equally the place of cargo shipments inward real-time, over a decentralized blockchain ledger. To this end, Samsung SDS launched a transportation logistics blockchain consortium inward May amongst notable members including the Korea Customs Service, the Ministry of Oceans in addition to Fisheries, transportation giant Hyundai Merchant Marine in addition to tech powerhouse IBM, amid others.“When this airplane pilot projection is established successfully, this volition simplify customs clearance of companies in addition to salvage logistics costs,” a Korea Customs official was quoted equally stating.
South Korea’s somebody sector is likewise seeing notable examples of the implementation of blockchain technology. Earlier this year, the Gyeonggi-do province – the nearly populous province inward the province – gathered a resident vote on community projects on a blockchain. Elsewhere, state-backed insurance operator Kyobo Life volition case what is claimed to last the kickoff instance of a real-world airplane pilot of insurance payments over a blockchain amid major hospitals inward Seoul’s metropolitan part subsequently this year.
Featured picture from Shutterstock.
