LG CNS, the IT affiliate of LG and blockchain subsidiary of Kakao, Ground X, are partnering to bridge public and corporate blockchains.
On Nov. 21, The Korea Herald reported that the partnership aims to develop mutually compatible infrastructure.
Ha Tae-Seok, the head of LG CNS’ future strategic business division, and the CEO of Ground X, Han Jae-Seon attended the formal signing ceremony at the LG CNS headquarters in Magok, Seoul.
The Collaboration Will Help Grow The South Korean Blockchain Ecosystem
A representative of LG explained that there are many inter-chain projects in the blockchain industry that need to be able to work across multiple unique networks in order to be successful, stating:
“We will break down the existing
boundaries between private and public blockchains through this partnership and
combine our strengths for new business opportunities.”
A Ground X representative further added that the anchoring technology of its Klaytn network will ensure the purity of the data provided by LG CNS’s Monachain blockchain.
The representative also said that the collaboration will help grow the South Korean blockchain ecosystem.
During September, LG Corporation said it has been preparing to launch the production of blockchain-oriented smartphones with technology in the near future. LG already conducted a study of the markets of blockchain companies and decentralized applications.
Source: The Korea Herald | Cointelegraph | Shutterstock
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