LG Expanding Its Blockchain Ambitions With Food Ledger and Wallet Trademark

LG Expanding Its Blockchain Ambitions With Food Ledger and Wallet Trademark

Blockchain
July 11, 2019 Editor's Desk
2426
The South Korean electronics giant, LG Corporation may be looking forward towards expanding its blockchain initiatives. Earlier this year on July 2, the firm filed a trademark application that includes an electronic wallet that may contain capabilities for handling cryptocurrency. Additionally, LG CNS, the firm’s IT counterpart, made an announcement that it will add food
LG Blockchain

The South Korean electronics giant, LG Corporation may be looking forward towards expanding its blockchain initiatives.

Earlier this year on July 2, the firm filed a trademark application that includes an electronic wallet that may contain capabilities for handling cryptocurrency.

Additionally, LG CNS, the firm’s IT counterpart, made an announcement that it will add food distribution services to it’s Monachain distributed ledger, according to ZDnet. While a trademark application doesn’t make sure a company’s strategy it is an interesting insight in the electronics giant’s future plans.

With the help of a partnership with IT service provider SayIT, LG is looking forward to track food being served in Korean school cafeterias. The service is aiming to provide provide transparent access to “production, processing, distribution, acquisition, and consumption” data for agricultural products.

The firm made a statement that the initiative is aimed at improving students’ health, and will collaborate with local governments to make the data availability public.

LG CNS began its blockchain development in 2017 and it uses R3’s distributed ledger software, Corda.

Electronic Wallet

ThinQ Wallet, with the United States Patent and Trademark Office registration, will provide transaction, brokerage, and settlement services for a wide range of devices including mobile phones and computers.

In trademark registration application, the company has also listed some use cases for blockchain, cryptocurrency, and the “issuance of cyber money,” though the majority of listed applications involve traditional credit and banking services.

ThinQ is a trademark currently used by LG to indicate products integrated with AI. LG has been successfully testing blockchain applications in the past two years.

The firm designed and developed a pilot in September last year a blockchain-based international payments mobile service under its cellular carrier service LG Uplus. In June, LG signed on with pharmaceutical firm Celltrion and UnionBank to council the Klaytn blockchain launched by South Korean messaging app giant Kakao.

Though the company hasn’t made any of its plans about the wallet public yet.

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