Electronics giant LG is supporting a new Vietnamese blockchain initiative through its consulting and IT subsidiary.
A subsidiary of the global conglomerate LG will participate in the launch of the mainnet of a Vietnamese hybrid blockchain project, KardiaChain.
LG CNS, an IT and consulting subsidiary of LG Corporation, has partnered with KardiaChain to act as a validator for its upcoming mainnet launch in late December.
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According to an announcement on December 17, LG CNS will validate KardiaChain’s main network together with major Vietnamese companies such as multinational conglomerate Geleximco, global technology company HPT Vietnam and taxi company Mai Linh Group.
As part of the partnership, KardiaChain will also work with LG CNS to combine its blockchain with LG CNS’s own blockchain protocol known as Monachain. Launched in 2018, Monachain is designed to provide blockchain-based digital authentication and supply chain management.
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As such, KardiaChain and LG CNS intend to cooperate on various applications on decentralised identity, as well as broadcasting and smart city technology. LG CNS will also support KardiaChain when it enters the South Korean market, scheduled for 2021.
The new partnership comes just two weeks before the launch of KardiaChain’s main network, which will be launched on 29 December. Tri Pham, KardiaChain’s CEO and co-founder, says the company’s mission is to provide an accessible block chain for millions of users. According to Pham, KardiaChain is the „first interoperable block chain to be launched in Southeast Asia“.
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South Korea’s electronics giant, LG Corporation, has been actively exploring blockchain technology through its subsidiaries in recent years. In May 2020, LG Electronics joined the board of directors of Hedera Hashgraph, a leading enterprise-level distributed public accounting platform. Previously, LG CNS partnered with the US company Evernym to develop international digital identity standards in the World Wide Web Consortium.
As reported in September 2019, LG was also working on a rival for Samsung’s Klaytn blockchain smartphone.