LG Partners with Kakao to Connect Public and Private Blockchains

Asia Blockchain Review
November 30, 2019

LG’s subsidiary LG CNS has announced a partnership with Ground X to develop compatible infrastructure that can bridge public and private blockchains. The infrastructure is expected to help them operate frictionlessly on multiple platforms. 

LG CNS and Ground X — a subsidiary of Kakao — will work together to develop the infrastructure for inter-chain projects which need to work across public and private blockchain systems. Ground X’s Klaytn network and LG CNS’s Monachain blockchain will be integrated to bridge the systems.

Breaking Down Blockchain Boundaries 

The formal signing ceremony on the collaboration between Ground X and LG CNS was recently held at the latter’s headquarters in Seoul. 

An LG representative shed light on the need for a compatible infrastructure for private and public blockchains, stating:

“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 Ground X representative pointed out that the company’s Klaytn network will help verify data from LG CNS’ Monachain and expressed optimism on the partnership between the two parties, saying it will help foster the blockchain industry in South Korea.

Monachain Already Used by Public Sector

Launched in May this year, Monachain offers services for logistics in the fields of communication, finance and manufacturing. Monachain has been utilized to develop a cryptocurrency payments platform for state-owned Korea Minting and Security Printing Corporation, which is responsible for printing and minting the country’s money, coins and other official documents.

South Korean provincial cities including Siheung, Seongnam, Gunsan, Yeongju and Jecheon are reportedly using the Monachain platform.

Mobile Carrier LG UPlus adopted LG’s blockchain in September. The technology allows mobile users of one telecom carrier to successfully complete transactions on another carrier’s payment network.  

Source: cointelegraph.com

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