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LG CNS Establishes Global Triangular Blockchain Cooperation System
Published2019.01.21 09:03Accelerating the acquisition of blockchain capabilities through participation in the top 3 consortia
LG CNS announced on the 17th that it has become a member of the Enterprise Ethereum Alliance (EEA).
Enterprise Ethereum Alliance
The EEA is a consortium that develops enterprise solutions and business models using Ethereum, a public blockchain technology. It was launched in 2017 and currently has over 500 global companies participating, including Microsoft, Intel, and JP Morgan.
LG CNS has been participating in the global blockchain project 'Hyperledger' since July 2018, and prior to that, in May 2017, it formed a partnership with 'R3', a consortium specializing in finance.
With this EEA membership, LG CNS has become the only major Korean conglomerate to establish a global triangular cooperation system for three major technological innovations in enterprise blockchain.
The three organizations, EAA, Hyperledger, and R3, each possess different blockchain technologies, but they all share the commonality of dealing with enterprise technology. In particular, the industry evaluates these three technologies as the global top 3 blockchain technologies for enterprise use.
Enterprise blockchains are 'permissioned blockchains,' and unlike 'public blockchains,' only users who have reached a prior consensus can participate in the network. It is a structure that does not require cryptocurrencies with price volatility, such as Bitcoin.
LG CNS won the contract to build the Korea Mint Corporation's blockchain platform in June 2018 and is in the final stages of preparation for the launch of a pilot service at the end of January. It provides services such as mobile gift certificates, document authentication, and digital identification. This platform is built on LG CNS's enterprise blockchain platform, Monachain, and its underlying technology is Hyperledger Fabric.
Meanwhile, LG CNS is currently operating an in-house venture related to blockchain. This venture is developing platforms and services for producing and distributing digital content based on enterprise Ethereum.
LG CNS is the only major Korean conglomerate to hold a System Integration (SI) partnership with R3. Accordingly, in 2017, LG CNS utilized R3's 'Corda' to participate in 'Argent,' a global funds transfer pilot project involving approximately 20 domestic and international banks. At the same time, LG CNS also conducted simulation tests related to the Bank of Korea's funds transfer operations.
"With the EEA membership, a global cooperation system has been established for the development of the world's top three blockchain technologies," said Cho In-haeng, Senior Vice President and Head of the Information Technology Research Institute at LG CNS. "We will focus on creating successful business cases by fostering the LG CNS headquarters in Magok into a hub for blockchain business."
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