Private-public Blockchain Interconnection
LG CNS announced on Nov. 21 that it formed a strategic blockchain partnership with Ground X, a Kakao subsidiary working on blockchain technology. “We have blockchain business capabilities in the enterprise field and Ground X has a pool of 50 million users in its parent company,” LG CNS said, adding, “We will expand our blockchain business based on the two companies’ strengths and our new business items will include interchain technology for private-public blockchain interconnection.”
Early this year, LG CNS developed the chak, which is the regional currency payment platform of the Korea Minting, Security Printing & ID Card Operating Corporation. Since then, the platform has been run in a number of cities such as Siheung, Seongnam, Gunsan, Yeongju and Jecheon. In addition, LG CNS provided its blockchain technology Monachain in July this year for use in a mobile phone insurance claim automation system developed by LG U+, LG Electronics and KB Insurance.
Ground X, in the meantime, is popularizing blockchain technology by combining its technology with the parent company’s services. Ground X explained that it is collaborating with multiple enterprises in various industrial fields in order to prove the technological value and usefulness of its Klaytn platform and the partnership with LG CNS shares the same purpose.