Cisco Systems and blockchain developer Lambda256 are partnering to develop a hybrid blockchain platform.

Cisco and Lambda256 announced on the 17th that they recently signed an MOU to jointly develop an integrated platform that will help customers implement and operate blockchain technology by combining the two companies' IT and blockchain specialized solutions, and to promote new businesses utilizing this platform.

Through this MOU, we plan to help companies across various industries, including finance, manufacturing, and the public sector, acquire blockchain technology more easily and quickly and apply it to their businesses.

First, the two companies will introduce 'LUONA', a hybrid blockchain platform that combines Cisco's major hybrid cloud operating solutions, including Cisco HyperFlex and Intersight, with Lambda256's blockchain-as-a-service platform, Luniverse.

Luona features a blockchain platform operation portal that helps customers quickly implement and internalize blockchain technology optimized for their businesses. We provide training programs for actual technology operations, including training on blockchain technology and operations across both on-premise and hybrid cloud, and remote IT management systems, helping you acquire the capabilities necessary for blockchain business.

Furthermore, Ruona can be utilized across a variety of industries. In line with the recent focus on ESG management, it can be applied to services such as corporate renewable energy trading and carbon emissions certification. In the NFT sector, it can be linked to various blockchain networks and marketplaces, providing the necessary functions throughout the NFT issuance lifecycle. In the financial industry, it can be applied to application services to address sensitive regulations. To improve accessibility to Ruona, Cisco and Lambda256 plan to offer various programs, including subscription services and opportunities for customers to experience the platform before actual deployment.

Park Jae-hyun, CEO of Lambda256, said, “We are very pleased to be working with Cisco to expand the blockchain platform. We will actively utilize the technologies and sales communities of both Lambda256 and Cisco to jointly explore new blockchain markets such as IoT, autonomous driving, and smart public sectors.”

Cisco Korea CEO Cho Beom-goo said, “Cisco will continue to work hard to develop and advance the blockchain platform, which will become the foundation of future IT technology.” He added, “Together with Lambda256, a leader in the blockchain market, we expect to help lower the entry barriers to blockchain technology for domestic companies, and through this, help businesses in the dynamic digital age sustain and grow.”

Meanwhile, the blockchain market is showing rapid growth worldwide. According to the National IT Industry Promotion Agency, the domestic blockchain market size is expected to grow by more than 60%, from 136.6 billion won in 2020 to 356.2 billion won in 2022.