LG and Kakao Partner to Bridge Public and Private Blockchains
Adrian Zmudzinski's original article for cointelegraph.com reduced by 74%
LG's IT affiliate LG CNS and the blockchain subsidiary of Kakao, Ground X, are partnering to bridge public and corporate blockchains. The head of LG CNS' future strategic business division, Ha Tae-Seok, and Ground X CEO Han Jae-Seon attended the formal signing ceremony at the LG CNS headquarters in Magok, Seoul. "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 explained that the anchoring technology of its Klaytn network will ensure the purity of the data provided by LG CNS's Monachain blockchain and said that the collaboration will help grow the South Korean blockchain ecosystem.
LG CNS launched Monachain in May to enable blockchain-based logistics in the fields of finance, manufacturing and communication. According to The Korea Herald, Monachain was used to build the Chak cryptocurrency payments platform for the Korea Minting and Security Printing Corporation - the government-owned corporation responsible for printing and minting the country's money, coins and other government documents. As Cointelegraph reported in September, LG's blockchain was first adopted by its mobile carrier LG UPlus, which employs it to allow users of one telecom carrier to frictionlessly complete transactions on the payment networks of another.
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