LG CNS has partnered with GroundX, the blockchain arm of South Korea’s major social network Kakao. Together the firms plan to explore blockchain applications in various business areas, reported the Korea Herald yesterday.
The two companies will be developing a mutually compatible blockchain infrastructure. “Currently, there is an active ‘inter-chain’ projects within the industry to connect unique blockchain ecosystems,” said an LG CNS representative.
The representative further said: “We will break down the existing boundaries between private and public blockchains through this partnership and combine our strengths for new business opportunities.”
LG CNS has its Monachain blockchain, which it plans to use for digital identity, digital currency and supply chain management. A few months ago, LG CNS said it was launching a food traceability platform on Monachain. The proprietary blockchain was also used to build a local currency platform ‘Chak’ for the Korea Minting and Security Printing Corporation.
On the other hand, Ground X launched its public blockchain platform Klaytn earlier this year. Klaytn has a developer-friendly interface and provides users with useful tools to develop blockchain app (dApps).
“Our Klaytn’s anchoring technology will solidify LG CNS’ Monachain’s data purity and reliability. Collaborating with Korea’s representative IT service company, LG CNS, will lead to a growth of blockchain ecosystem in the country,” a Ground X representative told Kora Herald.
Large public blockchains are far harder to tamper with compared to private blockchains. That’s because it requires very significant collusion to change the content on dozens or hundreds of nodes on a public blockchain compared to a handful of nodes on a private network.
Anchoring is a method to bring some of the public blockchain security to private networks. It works by taking a digital fingerprint of transactions or the current state of the private distributed ledger and storing it on the public blockchain. But the private data is not stored publicly.
As an example, Spanish bank BBVA issued numerous loans and bonds on a private blockchain and registered a hash on the public Ethereum test network.