Blockchain initiatives may get expanded by the South Korean electronics conglomerate, LG.
A Trademark application got filed by the firm on July 2nd that described an electronic wallet which may contain capability for cryptocurrency. An announcement was also made by the firm’s IT subsidiary, LG CNS which said that it would add food distribution services to its Monachain distributed ledger. While a company’s strategy cannot be defined by a registration, it is indeed an interesting insight in the electronics giant’s future.
With the help of a collaboration with IT service provider Say IT, LG aims to track food being served in Korean school cafeterias. For all the agriculture products, transparent access to production processing, distribution, acquisition and consumption data will be provided by the service.
According to a statement made by the firm the initiative is more aimed at improving the health of students and will also collaborate with local governments in order to make the data publicly available.
LG CNS began to develop its blockchain in the year 2017 using R3s distributed ledger software, Corda.
Transaction, brokerage and settlement services for different devices will be provided by ThinQ wallet which is registered with the United States Patent and Trademark Office. These devices will include mobile phones and computers.
The registration also mentions use cases for cryptocurrency, blockchain, and the “issuance of cyber money,” though the maximum of listed applications involve banking services and traditional credit.
LG uses ThinQ as a trademark to indicate products integrated with AI.
Several blockchain applications has been successfully by LG in the past two years.
In September,a pilot was also designed by the firmfor a blockchain-based international payments mobile service under its cellular carrier LG Uplus. In June, LG ended up signing on with pharmaceutical firm UnionBankandCelltrionin order to council the Klaytn blockchain launched by Kakao, South Korean messaging app giant.