TraXion signs partnership with LG CNShttps://medium.com/traxion-tech/traxion-signs-partnership-with-lg-cns-74d27772108eTraXion.tech is proud to announce that it closed an international deal with multinational electronics company LG. This partnership will see us playing a long-term and pivotal role not only in bringing LG’s business onto the blockchain but also in leading the region’s blockchain development.
LG CNS, as the information technology subsidiary of LG Group, has been leading the company into the blockchain space. Last year, they partnered with finance sector blockchain consortium R3 and became a member of the Open Blockchain Industry Association (OBCIA) in April 2018. A month later, LG launched its own blockchain service “Monachain” for the logistics industry, putting together a team of 50 people that they expect to double in the coming months.
Working with our deep expertise in Hyperledger will make it possible for LG to reap the benefits of blockchain technology without compromising on data security and privacy policies in place in its organization. While TraXion will be operating independently of Monachain, we are working with LG CNS to ensure that interoperability is foundational in all the projects we work on. This will be a challenge but we anticipate consolidation or interfacing with Monachain in the future.
This partnership deal is a key milestone in broader blockchain adoption globally. Businesses in the supply chain will be able to work more transparently and efficiently with the parties they contract with. In the long term, this will have the same inclusive and democratizing effect that the internet has brought to the business world — more opportunities for innovation, better services, and financial growth.
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