LG plans to further expand its blockchain initiatives
Blockchain

LG plans to further expand its blockchain initiatives

By Stefano Cavalli - 10 Jul 2019

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A few days ago, South Korean consumer electronics giant, LG, filed an application for a new product brand, detailing an e-wallet that could be related to the cryptocurrency world. In addition, LG CNS, the company’s IT subsidiary, has announced that it will add food distribution services to its Monachain blockchain.

Blockchain for food

Through a partnership with IT service provider SayIT, LG intends to monitor the food served in Korean school canteens.

The service will provide transparent access to “production, processing, distribution, acquisition and consumption” data for agricultural products.

The company said the initiative is aimed at improving student health and will work with local governments to make all data available to the public.

LG CNS stated:

“The increased transparency would be aimed at helping parents protect the health of their children”.

LG is not new to the crypto world and has successfully tested numerous blockchain applications in the last two years.

Since April, the company has been building a blockchain-focused platform for monitoring the recycling of batteries used in electric cars on Jeju Island.

The company started a pilot project in September for an international blockchain-based mobile payments service through its mobile operator LG Uplus.

In June, LG teamed up with the pharmaceutical company Celltrion and Union Bank to advise on the Klaytn blockchain, launched by South Korean messaging giant Kakao.

E-wallet on its way?

ThinQ Wallet, registered with the US Patent and Trademark Office, will provide transaction and brokerage services for electronic devices, including smartphones and computers.

ThinQ is a brand currently used by LG to refer to products integrated with artificial intelligence.

The registration also lists use cases involving blockchain, cryptocurrency and “issuance of cyber money”. However, most of the applications listed still concern traditional banking or credit services.

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