LG And Leading Korean Bank Team Up To Work On Blockchain Payments
LG Group and KB Financial Group have signed a memorandum of understanding (MoU) to launch a joint venture on blockchain technology and artificial intelligence (AI), according to a Korean news publication.
The collaboration between these two entities will be to develop new blockchain technologies and create a consortium with other industries such as distribution and entertainment.
As well, LG Group plans to work on various blockchain-based solutions with KB Financial Group including blockchain-based payments and automation of insurance compensation.
LG Launching a Token on Ethereum?
In addition to LG Group’s important partnership with one of Korea’s leading banks, the company’s subsidiary LG CNS has joined the Enterprise Ethereum Alliance (EEA), an organization driving the use of Ethereum’s blockchain technology.
The EEA has over 500 global members from companies including the likes of Microsoft, Santander, and JPMorgan.
LG CNS’s move to join the EEA comes after previous membership initiatives. The company is already a member of Hyperledger which they joined in July 2018, and the blockchain consortium led by R3 in which they joined in 2017.
According to LG CNS, the three initiatives have different blockchain technologies and each offer something different. Therefore, the company may be looking to experiment with each blockchain protocol for the development of different products.
If this is the case, we can expect LG CNS to issue some sort of token on the Ethereum blockchain, as Ethereum is a public blockchain that requires a virtual currency to participate in the network.