LG Turns To Blockchain technology To Spur Fourth Generation Industrial Revolution
Electronics giant LG has joined a growing list of companies eyeing innovations around blockchain technology. The South Korean company has announced plans to invest in the emerging technology in addition to six other key areas that include Internet of things, smart energy, robot service, smart factory artificial intelligence and smart city.
The company is planning to unveil new strategic brands under the new technologies as it looks to play a pivotal role in the ongoing fourth industrial revolution. The company’s subsidiary LG CNS is to spearhead the innovations as the company looks to accelerate digital transformation of customer businesses by enhancing core technologies.
The company has already launched Monachain, a blockchain platform it plans to use to come up with a new type of identification, dubbed decentralized identifier. The identifier is to be used’ to enhance personal identification as well as online payments in smart devices.
LG CNS used decentralized identifier technology in the Monachain platform, given that it is the standard set by the World Wide Web. The standard will make the platform applicable to any system service. Thanks to the integration, users will be able to use Pin, fingerprint or any other biometric solution to authenticate and make payments.
LG has already opened discussions with a number of financial institutions as it looks to embed the new system into their operations. LG CNS is to offer the blockchain platform while banks will have to offer tokens as well as oversee their distribution.
In addition to Monachain, the electronics giant has launched new brandings as it moves to strengthen its enterprise offerings. DAP.LG will be the company’s Artificial Intelligence offering that will offer big data analytics as well as data visualization tools. Factova is to be the company’s smart factory platform tasked with the responsibility of helping manufacturing affiliates integrate automation tools.
LG CNS has also launched INFioT that will act as the company’s Internet of Things Platform for collecting data from various IoT devices in addition to supporting AI-based analytics. Smart city platform launched last month will handle data from cities, while Orot will act as the company’s robot service that will make it easy for companies to connect their existing IT systems with robots.
The subsidiary has also launched Enterdict, a smart energy platform that will support solar, wind and fuel energy with a view of increasing power consumption efficiency. LG also plans to launch a new cloud platform before the end of the year.