LG’s IT affiliate LG CNS and the blockchain subsidiary of Kakao, Ground X, are partnering to bridge public and corporate blockchains. The Korea Herald reported on Nov. 21 that the two companies agreed to develop mutually compatible infrastructure.
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.
An LG representative 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 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’ Monachain already finding use cases
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.
The platform is reportedly in use in the provincial cities of Siheung, Seongnam, Gunsan, Yeongju and Jecheon.
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.