LG Electronics and LG Group to Adopt Kakao Blockchain
LG Electronics Inc., a leading South Korean multinational electronics firm and LG International Corp., an affiliate of the LG Group have agreed to adopted Klaytn, the distributed ledger technology (DLT) platform of Korea’s messaging giant, Kakao. The move will make it possible for LG to integrate blockchain technology into their smartphones just like Samsung, reports BusinessKorea on June 27, 2019.
LG Follows Samsung’s Lead
Per sources close to the matter, LG Electronics and LG International, major affiliates of the LG Group, have agreed to join Kakao’s blockchain network, named Klaytn.
Reportedly, the multinational electronics giant is one of the original partners of Klaytn and this latest move will enable the firm to add blockchain-powered apps such as cryptocurrency wallets to its smartphones.
Interestingly, one of LG’s direct competitors, Samsung electronics, have since integrated blockchain technology into its operations and the firm now has several blockchain application patents under its belt.
Earlier in February 2019, reports emerged that Samsung SDS, the information technology arm of Samsung Electronics had launched the Nexledger Accelerator, a solution aimed at boosting the transaction speeds of DLT networks.
As reported by BTCManager in February 2019, Samsung proved to the entire world that its blockchain expertise has reached its peak, by integrating a highly secure cryptocurrency storage feature into its Galaxy S10 premium smartphone.
LG in the DLT Game
Spurred by the massive success of Samsung in the blockchain space, LG is now determined to up its game in order not to be left behind in the rapidly evolving world of blockchain technology.
Though LG Group has already started experimenting with the revolutionary technology through its affiliates LG CNS and LG Uplus, the company’s adoption of Klaytn is expected to give it an extra advantage.
While LG Electronics is busy looking for ways to add blockchain apps to its smartphones, LG International, whose primary businesses are resource development, infrastructure construction, and logistics, will use the burgeoning technology for data storage and supply chain management.
Kakao launched its blockchain network Klaytn in October 2018. Klaytn claims to process an impressive 1,500 transactions per second (TPS), with less than one-second block intervals.
In March 2019, BTCManager informed that Kakao had announced plans to integrate its cryptocurrency wallet into its messaging app, KakaoTalk, to enable users to store their cryptoassets securely.