LG CNS, an IT subsidiary of Korean electronics giant LG Corporation, has announced it is increasing its focus on blockchain technology.
Local media sources reported this week that LG CNS is working on a blockchain-based finance platform, built using R3’s distributed ledger software Corda – a system they chose due to the selective data disclosure and time efficiencies it enables.
The firm plans further to expand its existing digital finance business by establishing a digital financial center on 1st July, while ramping up the number of experts it employs to support the initiative.
Overall, the move can be read as the latest sign out of Korea that there is growing interest in blockchain technology from both private and public sectors. So far, logistics services, finance startups and the central bank have all openly discussed initiatives and pilot projects.
LG image via Shutterstock