Business Groups Showing Interest in Blockchain Technology
LG Electronics and LG International, the core affiliates of LG Group, have agreed to join Kakao’s blockchain platform Klaytn. As Samsung Electronics started to actively participate in the blockchain business by equipping the Galaxy S10 with a blockchain key store, LG is also trying to expand its business by taking the blockchain related industry as the next-generation business.
Major overseas companies, like Starbucks and Facebook, already have strategies to advance into the blockchain business. In Korea, Samsung, LG and SK Groups have shown interest in blockchain technology. For instance, Samsung Electronics has loaded the Galaxy S10 smartphone with a blockchain Keystore wallet. The blockchain industry’s growth is expected to accelerate with the participation of large IT companies Naver and Kakao.
The outline of Klaytn partners was announced on June 26, a day before the launch of the platform. The partners include LG Electronics and LG International, as well as major domestic and foreign IT companies.
The participation of LG Electronics and LG International draws attention. LG Group has already started developing blockchain technology through its affiliates LG CNS and LG Uplus.
LG Electronics has shown interest in blockchain technology since the release of the Galaxy S10. LG Electronics is expected to introduce blockchain technology to their smartphones or mount blockchain applications on its smartphones.
LG International’s main businesses are resource development, infrastructure construction and logistics. Since it manages multiple distribution processes for various goods and relies on long distance transportation, blockchain technology, which opens information to everyone and prevent information fabrication, seems to be what the company needs.
In addition to LG Group affiliates, major IT companies in Korea will cooperate with Klaytn as operating partners. They include Netmarble and PUBG, Neowiz, and Wemade. Netmarble, Neowiz and Wemade are listed companies.
In addition to game companies, Kakao Games, Kakao IX, Kakao Page, and Kakao Pay are participating as node operators. Some overseas companies, including Cocone, which was founded by former NHN Japan chairman Cheon Yang-hyun, and financial institutions are also participating.