Inside LG’s Blockchain and Cryptocurrency Ambitions

At this moment in time, most of the world’s biggest tech corporations are actively studying blockchain technology, and its implications upon future products and services. LG, the South Korean IT giant is no different, granted that recent reports point towards future blockchain expansion initiatives.

LG announces a blockchain-based food tracking solution

With this in mind, a subsidiary of the conglomerate, LG CNS, recently announced that it will soon introduce food distribution support on top of its Monachain blockchain project. The project, which is the result of a partnership between LG and SayIT, serves the purpose of tracking food that is served on South Korean school cafeterias.

As such, the blockchain-based project will allow for a transparent tracking and fulltime access to details like food production, distribution, processing, acquisition and consumption. It is expected that this will lead to better management of food distributed throughout cafeterias, while also increasing its quality and bringing overall cost savings.

To facilitate this project, collaboration with local governments will be necessary. A full-scale implantation will likely allow for an improvement in student health, since food can be tracked and distributed according to its nutritional values, while taking student needs into account.

LG files patent for crypto-inclusive wallet  

Apart from the food tracking blockchain service, LG has also recently filed a trademark application with the United States Patent and Trademark Office, for an electronic wallet that features cryptocurrency support.

So far, reports indicate that the electronic wallet will include an array of features, including payment settlement services, transaction authorization, digital payments, financing services, digital money issuance, cryptocurrency wallet, and a blockchain-based desktop software platform. It is also believed that LG will integrate artificial intelligence (AI) within this wallet, yet it is not yet known how. Since it is only a patent, it will likely take a while before LG builds it into an actual customer service.

The main purpose of this wallet has not yet been unveiled, but it is always nice to see top-level corporations supporting the digital currency revolution. At this time, LG has not issued any additional comments regarding its food tracking service, and electronic wallet patent.

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