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LG and Kakao Blockchain Subsidiaries Pen South Korea Government Deals

Tim Alper
Last updated: | 1 min read

Two of South Korea’s biggest IT companies have struck major deals with South Korean government organizations.

Source: iStock/Cecilie_Arcurs

Per media outlet Seoul Economy, Ground X, the blockchain arm of South Korean tech giant Kakao Group, has signed a memorandum of understanding with the Seoul Metropolitan Government. The deal will see the two parties jointly develop as-yet-unspecified public sector blockchain technology-powered initiatives, and work on a range of “international projects.”

Ground X is also reportedly working on its own blockchain platform, and recently pulled off a major recruitment coup, appointing Lee Jong-gun, the Head of Research and Chief Data Scientist at UN Global Pulse – the United Nations’ Big Data unit – to its team.

Meanwhile, LG CNS, the IT services subsidiary of the LG Group, has inked an agreement with the Korea Minting and Security Printing Corporation (KOMSCO), a government-owned corporation that prints and mints banknotes, coins and government-issued documents.

Per the terms of the agreement, KOMSCO will use LG CNS’ Monachain blockchain platform, unveiled in May, to issue local government-issued digital gift certificates. KOMSCO is also looking into the possibility of using the platform to provide digital authentication and document certification for KOMSCO government operations.

The LG Group has thus far channeled most of its blockchain technology-related efforts through LG CNS. The company has formed alliances with the international R3 blockchain consortium and Coinplug, a company that boasts the largest number of blockchain technology patents in South Korea.