LG CNS, the IT subsidiary of South Korean multinational electronics organization LG, has switched on a targeted effort to develop and provide blockchain offerings. However, LG CNS has announced a financial blockchain platform based on Corda, a dispensed ledger software created by the worldwide banking blockchain consortium led by R3. The permissioned blockchain will see particular buying and selling companions share data in a secure ledger that will allow truthful and more-efficient deal making among organizations.
LG CNS is starting a virtual financial center on the first of July amid plans to increase its staff of blockchain improvement and financial technology engineers from thirty to one hundred by the end of these 12 months and over two hundred in 2018. At the same time as information of LG’s blockchain services are presently scarce, the electronics-maker is playing catch up to its conventional rival Samsung within the blockchain stakes.
In April, Samsung SDS, the IT subsidiary of Samsung Electronics, released Nexledger, an organization and commercial enterprise centered blockchain platform. Samsung SDS will oversee a pilot blockchain project for Korea’s delivery logistics business this year. The project will track imports and exports in addition to the place of cargo shipments in actual-time, over a decentralized blockchain ledger. To this end, Samsung SDS released a delivery logistics blockchain consortium in May with great participants including the Korea Customs service, the Ministry of Oceans and Fisheries, delivery giant Hyundai service provider Marine and tech powerhouse IBM, amongst others.
Korea Customs official stated:
“When this pilot project is established successfully, this will simplify customs clearance of organizations and save logistics expenses.”
South Korea’s non-public sector is seeing great examples of the implementation of blockchain. During these 12 months, the Gyeonggi-do province accrued a resident vote on community initiatives on a blockchain. Moreover, nation-sponsored insurance operator Kyobo life will trial what is claimed to be the first instance of an international pilot of insurance payments over a blockchain technology amongst main hospitals in Seoul’s metropolitan area later this year.