South Korean electronics conglomerate, LG Corporation, may be expanding its blockchain initiatives. Food ledger and Crypto Trademark soon to be launched by LG.
A trademark application was filed by the firm on July 2. It describes an electronic wallet that may contain capabilities for cryptocurrency. According to ZDnet, it was announced by the firm’s IT subsidiary, LG CNS, that it will add food distribution services to it’s Monachain distributed ledger. It is an interesting insight in the electronics giant’s future plans, even though a registration doesn’t define the company’s strategy.
LG intends to track food being served in Korean school cafeterias through a partnership with IT service provider SayIT. The service will provide transparent access to the following data for agricultural products:
Food ledger and Crypto Trademark soon to be launched by LG. The firm said it will collaborate with local governments to make the data publicly available, because the aim of the initiative is to improve students’ health.
Development of LG CNS’ blockchain began in 2017. Corda, R3’s distributed ledger software, is what was used.
The name of the electronic wallet registered with the United States Patent and Trademark Office is ‘ThinQ Wallet’. It will provide services for a number of devices including mobile phones and computers, such as transaction, brokerage, and settlement.
Though the majority of listed applications involve traditional credit and banking services, the registration also lists use cases for blockchain, cryptocurrency, and the “issuance of cyber money”.
LG currently uses the ThinQ trademark to indicate products integrated with AI. In the past two years the company has successfully tested a number of blockchain applications .
In order to council the Klaytn blockchain launched by South Korean messaging app giant Kakao, LG signed on with pharmaceutical firm Celltrion and UnionBank in June. Under its cellular carrier LG Uplus, the firm designed a pilot last September for a blockchain-based international payments mobile service.