LG Partners With Kakao’s Ground X to Create Cohesion Between Public and Corporate Blockchains
LG CNS, which is LG’s IT affiliate and Ground X, Kakao’s blockchain subsidiary, are forming a partnership to bridge corporate and public blockchains.
The news on the two companies agreeing to develop an infrastructure that’s compatible with both firms has been reported on November 21st, by the Korea Herald. Ha Tae-Seok, the LG CNS’s head of future strategic divisions, and Han Jae-Seon, Ground X’s CEO, have attended a formal ceremony to sign the partnership at the Magok, Seoul’s LG CNS headquarters.
LG Representative Explaining Success Will Come from Working Across Multiple Networks
A representative for LG has said the success needs to come from the inter-chain blockchain projects working together across multiple networks. This is what he declared:
“We will break down the existing boundaries between private and public blockchains through this partnership and combine our strengths for new business opportunities.”
Meanwhile, a representative from Ground X explained how the company’s Klaytn anchoring technology network is going to ensure the data coming from LG CNS’s Monachain blockchain is pure and that the partnership is going to help the blockchain ecosystem in South Korea develop more.
LG CNS’ Monachain Used Widely in South Korea
Launched in May by LG CNS, the Monachain blockchain enables the blockchain-based logistics of many industries, from finance to communication and manufacturing. It was used to create the Korea Minting and Security Corporation’s Chak crypto payment platform.
The Korea Minting and Security Corporation are owned by the government and responsible for minting and printing money, governmental documents and coins. The platform is used in Seongnam, Siheung, Yeongju, Gunsan, and Jecheon, which are all provincial cities in South Korea. LG’s blockchain was initially adopted by LG UPlus, which is LG’s mobile carrier and allows telecom users to complete transactions on other payment networks without friction.