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LG Launches Corda-Based Blockchain Platform in South Korea

Last Updated March 4, 2021 4:57 PM
Samburaj Das
Last Updated March 4, 2021 4:57 PM

LG CNS, the IT subsidiary of South Korean multinational electronics giant LG, has switched on a focused effort to develop and offer blockchain services.

According to Business Korea, LG CNS has introduced a financial blockchain platform based on Corda, a distributed ledger software developed by the global banking blockchain consortium led by R3. The permissioned blockchain will see only specific trading partners share information in a secure ledger that will enable straightforward and more-efficient deal-making between companies, according to the report.

LG CNS is also opening a digital financial center on July 1 amid plans to increase its staff of blockchain development and FinTech engineers from 30 to 100 by the end of the year and over 200 in 2018.

While details of LG’s blockchain services are currently scarce, the electronics-maker is playing catch up to its traditional rival Samsung in the blockchain stakes.

Earlier in April, Samsung SDS, LG CNS’ counterpart as the IT subsidiary of Samsung Electronics launched Nexledger, an enterprise- and business-focused blockchain platform. Samsung SDS will oversee a pilot blockchain project for Korea’s shipping logistics industry this year. The project will track imports and exports as well as the location of cargo shipments in real-time, over a decentralized blockchain ledger. To this end, Samsung SDS launched a shipping logistics blockchain consortium in May with notable members including the Korea Customs Service, the Ministry of Oceans and Fisheries, shipping giant Hyundai Merchant Marine and tech powerhouse IBM, among others.

“When this pilot project is established successfully, this will simplify customs clearance of companies and save logistics costs,” a Korea Customs official was quoted as stating.

South Korea’s private sector is also seeing notable examples of the implementation of blockchain technology. Earlier this year, the Gyeonggi-do province – the most populous province in the country – gathered a resident vote on community projects on a blockchain. Elsewhere, state-backed insurance operator Kyobo Life will trial what is claimed to be the first example of a real-world pilot of insurance payments over a blockchain among major hospitals in Seoul’s metropolitan region later this year.

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