LG's Affiliate and Kakao’s Subsidiary Agree to a Strategic Partnership to Foster Blockchain Technology

The need to increase and expand the use cases of blockchain technology and ensure its applicability in different sectors is the impetus behind the recent collaboration of LG’s IT solutions affiliate, LG CNS, and Kakao’s blockchain subsidiary, Ground X.

A press release published on Nov. 21, maintained that agreeing to this strategic partnership will enable the companies to develop an infrastructure that is quite mutually compatible.

The signing ceremony for this collaboration took place in Magok, Seoul at the LG CNS headquarters within LG Science Park and the head of the companies, Ha Tae-Seok, the leader of LG CNS’ future strategic business division, and Han Jae-seon, the CEO of Kakao Ground X, were present.

An LG CNS representative shared that there is an ‘inter-chain’ project they are working on at the moment within the industry. These said projects are meant to link unique blockchain ecosystems which are directly born out of their zeal to close and seal the boundaries existing between private and public blockchains.

"We will break down the existing boundaries between private and public blockchains through this partnership and combine our strengths for new business opportunities," the representative said.

Following this, A Ground X representative added that their Klaytn, a public blockchain which they launched in June, would strengthen the transparency and reliability of LG CNS' Monachain, a private corporate blockchain platform launched in May.

“Collaborating with Korea’s representative IT service company, LG CNS will lead to a growth of the blockchain ecosystem in the country.” added the representative.

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