Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
LG has become the latest and the 14th member of the enterprise-grade Hashgraph distributed public ledger. LG Electronics will work with other Hedera members to develop next-generation DLT applications for supply chain partners and consumers.
South Korean tech giant LG Electronics has recently joined the governing council for the enterprise-grade public ledger Hedera Hashgraph. With this LG became the14th member to join the Hashgraph DLT along with other tech giants like Google, IBM, Boeing, and others.
Besides, this announcement also helps Hedera to move closer to its long-term goal i.e. Having top 39 hands-on node runners to govern its Hashgraph DLT. After Japan’s Nomura, LG is the second big Asian conglomerate to join the Hedera Hashgraph platform.
LG and Hedera
The Hedera Governing Council aims to develop a decentralized governance structure for the public ledger. All the governing members will run an individual node and look after approving updates to the Hedera codebase. Besides, the network also uses a proprietary code to build the next-generation distributed ledger technology (DLT). The ultimate aim is to offer a scalable public ledger than the existing proof-of-work blockchain networks.
Hedera CEO Mance Harmon said that all council members “vote on just about every part of the business”. He further added:
“For that to be done well, we want to make sure that we have that really broad representation, not just across verticals but also by geography. LG is bringing diversity and further decentralization to the council in the way that we haven’t had before. That’s part of the excitement here.”
LG Electronics will work with other Hedera members to develop next-generation DLT applications for supply chain partners and consumers. Cho Taeg-il, senior vice president of LG Electronics, said:
“Distributed ledger technology holds the potential to improve customer value and allow enterprises across many sectors to offer new services that take advantage of the trust, security, and speed that it provides”.
LG’s Major Push For Blockchain
This is not the first move by LG towards adopting the distributed ledger technology. The South Korea-based consumer tech giant has been involved in several other public ledger and blockchain projects.
Besides, LG Electronics is also on the governing council of Kakao’s Klaytn blockchain network. Klaytn is also an enterprise-grade blockchain platform of South Korean mobile platform Kakao.
Besides, other LG subsidiaries have also been working on decentralized identity projects for different industries like autonomous cars. In addition, LG has its own native blockchain protocol dubbed Monachain. The company plans to use this platform for digital identity as well as for payments and money transfer.