The electronics giant LG Corporation is about to venture into blockchain technology. It would not just venture into blockchain technology but other technologies like IOT, AI as well. It is doing so with its subsidiary which goes by the name of LG CNS. This according to a press release which was published on August 22.
The subsidiary is planning to not just incorporate these technologies but also using them as a strategic branding exercise as well. This will ensure that it will be able to develop products which heavily rely on these technologies. Additionally, smart energy technology will also be used in order to ensure that the consumption of electricity is significantly reduced as well. Many of the people are calling these technologies as the 4th industrial revolution. That is why corporates are trying each and everything to incorporate these technologies into their products.
According to the branding material which has been released by the subsidiary up until now, these technologies are being incorporated in order to transform the gadget which the company sells. This will increase the customer’s trust on the products which are built by the company.
This is not the 1st attempt by the subsidiary in the blockchain space. In May of this year, it had launched Monachain which was based on the blockchain platform. The main function of this blockchain-based platform was to provide the customers with the identifier. This identifier will help them in conducting online payments as well as establishing their digital identity on the ecosystem. With the help of this digital identity, they will be able to interact with the various services which are provided by the company quite easily.
According to the press release, a proper ecosystem will be built around the blockchain technology. This will ensure that the various services like supply chain management as well as digital certification will be conducted with the help of this blockchain-based platform. This will ensure that the customers are able to easily access the various services of the company. If indeed, the company is able to do so, it will be able to provide seamless services to its customers without any problems at all. This is the reason why it is usually news for the company.
On the other hand, it increases the credibility of the blockchain technology as well. With the increased credibility of the blockchain technology, it will now be easier for the developers to develop various applications on blockchain technology. The market size of the blockchain-based applications is just going on increasing.