Why South Korea’s LG Wants To Include Blockchain in Enterprise Offerings?
South Korea’s LG Corporation’s subsidiary, LG CNS, declared its intention of strengthening its enterprise offerings in at least seven important areas. This included blockchain technology that is gaining significant traction within the country. Apart from that, the company would also focus on Internet of Things (IoT) and Artificial Intelligence (AI) with a branding strategy. This might not surprise considering that the country is encouraging the distributed ledger technology (DLT) as one of its islands is keen to develop it as a hub.
LG CNS indicated its intention of releasing fresh tactical brands for every seven platforms of developed technologies. This included smart energy, robot service, smart factory, smart city, IoT, AI and blockchain technology, cointelegraph reported. The aim of the company is to encourage the fourth industrial revolution in South Korea through its enterprise portfolio. A stage is reaching where no one could ignore the DLT for fear of losing the competitive edge despite some skepticism about it.
The Korean firm has released brandings that are much similar in terms of designs though differ by names. Nonetheless, this is part of the company’s effort to create the efficient digital transformation system for customer business. The multinational firm is hoping to offer the core technology as a platform so that customers could repose faith in it. This is also part of the fourth industrial revolution strategy. Interestingly, there is another report suggesting the company is also having plans to unveil could platform, which is yet to be named before the current year ends.
Monachain is a blockchain platform that was unveiled by LG CNS in May of the current year. The objective is to offer customers a fresh kind of identification and a decentralized identifier (DID). The aim is to let customers use it for not only personal identification purposes but also for online payments. This will be done with smart devices help.
LG CNS has explained the strategic branding of its blockchain platform as the integration of arts, philosophy, and science apart from the monumental work of Leonardo Da Vinci like Mona Lisa. The company has expressed its confidence that its strategic branding would allow the platform to offer three core services. One among them is the digital supply chain management, which is gaining a lot of attraction now. Apart from this, the digital community currency and digital certification are the other two services.
Strengthening Its Position
South Korea is only trying to strengthen its position in blockchain technology and cryptocurrency space. The nation has made a significant march towards adopting the technology thus resulting in reaching a major position in the digital coin market. The policymakers are also looking beyond the crypto space.
This was quite evident when it is pursuing other applications based on the DLT. Until now, it has reshaped its stance effectively thus placing itself in a strong position from where it could become a big force for blockchain technology. Jiju Island in South Korea is seeking all the necessary help to make it as a hub for digital currency and the DLT. There have also been discussions among the legislative members.