LG Joins Hedera Hashgraph Governing Council to Advance Its Interest in Distributed Ledgers
LG Electronics is the 14th entity to join the Hedera Hashgraph's governing council. The South Korean tech giant joined this enterprise-grade public DLT on May 27, bringing the council closer to its target of 39 members in the long-run. Other prominent members that were already sitting on the council include IBM, Tata, Google, Deutsche Telekom, FIS Global, and Boeing.
The Senior VP of LG, Cho Taeg-il, noted that DLT has the potential to improve existing services by enhancing trust and security. He added that LG's move to become a member of Hedera's governing council will be instrumental in developing DLT based infrastructure,
“We look forward to being a part of the Hedera Governing Council and opportunities where we can collaborate with other leading organizations across a wide range of industries to further develop the application of distributed ledger technology to benefit businesses and consumers alike.”
Hedera Hashgraph Model
This initiative was started to make transactions more seamless and faster compared to normal blockchains. Ideally, the council works together to see how DLT's can be improved and integrated with the existing platforms for better user experience. Its approach entails a full decentralization model such that every member of the governing council runs a node on the Hedera Hashgraph public network.
Notably, LG’s inclusion in the Hedera governing council will increase its membership diversity. Prior to this, the council had only one Asian-based firm; Nomura, a Japan headquartered entity. Hedera Hashgraph CEO, Mance Harmon, acknowledged that LG will provide a new perspective to the council’s decisions amongst other operations. Speaking to Cointelegraph, he also echoed that LG’s use cases are a good starting point for this milestone,
“LG has fantastic use cases and reach, and although we aren’t prepared to talk about the specifics just yet, there is not a shortage in the potential ways we can work together from a consumer facing perspective and backend related service with supply chain and traditional enterprise applications.”
A Snippet of LG’s & Hedera’s Future in Blockchain
LG is no newcomer to the blockchain industry, the firm tried R3 Corda for financial transactions back in 2017. It also participated in the cobalt-tracing pilot that was run on the Hyperledger fabric last year. Looking at these recent developments, the Electronics giant is leveling up on the DLT space despite its young nature.
Recent LG blockchain news:
- LG CNS Partners With Blockchain ID Firm, Evernym To Improve The International ID Systems
- LG CNS Testing AI & Blockchain-Based Facial Recognition Tech For Contactless Digital Payments
Hedera on the other hand is set to expand its blockchain services to include ‘consensus-as-a-service'. This initiative is meant to reduce the costs and difficulties associated with creating an algorithm from scratch. Darmon explained that they plan on achieving this milestone through the Hedera Consensus Service (HCS). In his view, the product will allow Hedera mainnet participants to develop verifiable timestamps and order the events of any application.