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LG and Korean Bank Will Partner For Blockchain Project

LG Group and KB Financial Group signed an MoU(Memorandum of understanding) to launch a project for blockchain technology and artificial intelligence (AI).

The aim of the cooperation between these two companies will be to develop new technologies and create a consortium with other industries such as distribution and entertainment. In addition, LG Group plans to work on a variety of blockchain solutions with the KB Financial Group, including payments that are based on blockchain and automation of insurance compensation.

LG launches token on Etherium? In addition to the important partnership of LG Group with one of Korea’s leading banks, the subsidiary of LG CNS joined the Enterprise Ethereum Alliance (EEA), an organization that manages the technology of Etheric Block. The EEA has over 500 global members of companies, including companies such as Microsoft, Santander and JPMorgan. LG’s CNS’s move to join the EEA comes after previous membership initiatives.

The company is already a member of Hyperledger, where they joined in July 2018 and the block consortium led by R3, which joined in 2017. According to the LG CNS, the three initiatives have different technologies and each offers something different. Therefore, the company may attempt to experiment with each block protocol for the development of different products. If this is the case, we can expect that the LG CNS will issue a token of Etheric block because Ethereum is a public block that requires a virtual currency to participate in the network.

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