LG CNS, an IT service subsidiary of LG Corporation, has recently partnered with Ground X, the blockchain division of Korea’s largest mobile platform Kakao, to develop various blockchain solutions in order to expand their businesses.
According to a report by The Korea Herald on Nov. 21, the agreement was formally signed at the LG CNS Headquarters located at LG Science park in Magok, Seoul. Ha Tae-Seok, the head of LG CNS’s future strategic business division and Han Jae-Seon, the CEO of Ground X were present during the signing ceremony.
Both companies had unanimously agreed that they would work together to create a mutually compatible infrastructure.
During the event, a representative of LG CNS stated, “There is an active ‘inter-chain’ project within the industry to connect unique blockchain ecosystems.” Therefore, through this partnership, they can be able to make use of their various blockchain technologies to create new business opportunities.
A spokesperson for Ground X further revealed that the anchoring technology of its Klaytn network will strengthen the purity and reliability of LG’s Monachain. Adding that the partnership with LG CNS will boost the growth of South Korea’s blockchain system.
Earlier in May, LG CNS had announced the launch of Monachain, it’s own blockchain solution which provides blockchain services to people and companies globally in the fields of manufacturing, communication, and finance.
As per the report, LG CNS had partnered with the Korea Minting and Security Printing Corp, a government corporation that oversees the printing of government documents including the country’s money, to develop the first public blockchain payment platform in South Korea known as “Chak.”
This Monachain technology was first taken up by LG UPlus, the company’s telecommunication division which made use of it to permit customers to complete payment transactions for lost or damaged phones.