LG Corporation’s Subsidiary Explores Blockchain as 1 of 7 Technological Areas

Is LG Looking into Blockchain Technology?

Renowned electronics provider, LG Corporation’s arm LG CNS plans to further develop seven areas of technology in an effort to “strengthen platform business”. The details of their well thought plan were revealed on Wednesday, August 22 and blockchain is just part of the bigger picture.

As for the seven areas of technology, the firm called them as follows: Factova, INFioT, Enerdict, DAP, Orott, Cityhub, and Monachain. The aforementioned brand names may seem confusing at first, but according to the press release, they are a combination of terms.

For instance, the name Factova is considered a combination of “factory” and “value”, where the former term implies “smart factory platform” and the latter, is associated with the firm’s unbeatable technology.

In addition, Factova will supposedly use the “latest technologies”, which include both Big Data and the Internet of Things (IoT), to help better “production and logistics”. INFioT is a similar project that aims to combine IoT devices through artificial intelligence (AI).

As for their interest in blockchain technology, it has been reflected in LG CNS’ Monachain, which is supposedly a combination of monaural and blockchain. The brand name is believed to reflect:

“science, philosophy, and arts, Leonardo Da Vinci’s monumental work [and] is meant to consolidate its leading position in a variety of areas including public, finance, and communications.”

The goal behind Monachain is to elevate three core services, which consist of “digital certification, digital community currency and digital supply chain management.”

According the LG CNS representative, their ultimate goal with this project is to “secure a leading position in all aspects IT services, including platform and solution-based businesses, as well as SI and SM businesses, which already have strengths.,” therefore, suggesting that the team involved will be assessing ways to further mature existing technologies that could benefit society.