Yesterday, LG Electronics said it joined Hedera Hashgraph as a governing council member alongside IBM, Google, Boeing, and several others.
The Hedera Governing Council is developing a decentralized governance structure for the public ledger. It aims to have 39 members from different industries, and LG joining brings up the number to 14. All governing members run a node and are tasked with approving updates to the platform’s codebase.
Hedera Hashgraph is a distributed ledger technology (DLT) but not a blockchain. The network uses proprietary code and claims to be the next generation of DLT, which is more scalable than the current proof of work blockchains.
Additionally, LG Electronics will work with Hedera and other council members to develop DLT applications for its consumers and supply chain partners.
“Distributed ledger technology holds the potential to improve customer value and allow enterprises across many sectors to offer new services that take advantage of the trust, security, and speed that it provides,” said Cho Taeg-il, senior vice president of LG Electronics.
“We look forward to collaborating with LG and their ecosystem to explore the many potential ways that distributed ledger technology can similarly be applied to benefit their customer base,” said Mance Harmon, CEO, and co-founder of Hedera Hashgraph.
Before Google joined the council in February, Hedera’s token price spiked. The same happened again this week. While Hedera is not a public company, given its enterprise claims, one might expect similar policies that companies use to protect sensitive information announcements.
The full list of Hedera Governing Council members includes Boeing, Deutsche Telekom, DLA Piper, FIS (WorldPay), Google, IBM, Magalu, Nomura, Swirlds, Swisscom Blockchain, Tata Communications, University College London (UCL), Wipro and now LG.
LG Group has a handful of blockchain endeavors, mainly through its subsidiaries. LG Electronics is on the governing council of Kakao’s Klaytn.
Just yesterday, Ledger Insights report that LG CNS was working with Evernym for decentralized identity. It also has a decentralized identity project for autonomous cars. LG headquarters is using AI and blockchain for facial recognition and payments at the cafeteria for employees.
Meanwhile, LG has developed its own blockchain protocol called Monachain, which it plans to use for digital identity and to enable money transfer and payments.