LG’s IT solutions affiliate LG CNS is partnering up with Kakao’s blockchain subsidiary Ground X to expand blockchain use by building mutually compatible infrastructure and applying it to various business areas.
Reportedly, Leader of LG CNS’ future strategic business division Ha Tae-Seok, and Kakao Ground X CEO Han Jae-Seon attended a signing ceremony of the partnership today at the LG CNS headquarters in Magok, Seoul, as they look to connect private and public blockchains.
LG’s subsidiary, LG CNS, provides information technology services including System and Network integration. Back in May, the firm launched its private corporate blockchain Monachain, which was used to build “Chak”, a local currency payment platform for the Korea Minting and Security Printing Corporation and the first application of blockchain technology in the country’s public sector. Monachain has also been used in the private sector, with LG’s telecommunications subdivision LG Uplus being the first to adopt it in July to process insurance payments of lost and damaged phones.
Ground X is the blockchain subsidiary of Kakao, Korea’s largest mobile platform. Last year it began to develop Klaytn, a public blockchain platform for developers to create services, which was launched in June with the hope of increasing blockchain use among regular people.
According to an LG CNS representative, there are multiple “inter-chain” projects being developed to connect unique blockchain ecosystems and this partnership “will break down the existing boundaries between private and public blockchains.”
As reported by a Ground X representative, the Klaytn blockchain “will solidify LG CNS’ Monachain’s data purity and reliability,” leading to a growth in the country’s blockchain ecosystem.