South Korean conglomerate LG’s IT affiliate LG CNS and the blockchain subsidiary of Kakao, Ground X, will be joining to bridge public and private blockchains and combine their strengths for new business opportunities. Acoording to the Korea Herald's news on Nov. 21, the two companies agreed to develop mutually compatible infrastructure.

LG's Blockchain: Monachain

Earlier this May, LG introduced its private corporate blockchain platform, called Monachain to enable blockchain-based logistics in the fields of finance, manufacturing and communication.

Monachain members get access to a vast array of blockchain services to streamline their business systems. The Monachain project first came to light in mid-2017 via a story published in Business Korea. Monachain provides businesses with access to a plethora of unique blockchain-based functionalities. While there are a growing number of distributed ledger platforms entering the sector, LG is notable as one of the largest contenders in the space.  source: coincentral.com

LG’s blockchain was first adopted by its mobile carrier LG UPlus, which employs it to allow users of one telecom carrier to frictionlessly complete transactions on the payment networks of another (source: cointelegraph.com)

LG and Kakao join hands to promote blockchain

Monachain was used to build a local currency payment platform, “Chak,” for the Korea Minting and Security Printing Corporation earlier in the year. This was recognized as the first use of blockchain in the public sector. Chak is now being used in provincial cities Siheung, Seongnam, Gunsan, Yeongju and Jecheon.

As for the private sector, Monachain was first adopted by LG Uplus, the telecommunications arm of LG, which streamlined its insurance payment process for lost or damaged mobile phones in July. Because the blockchain system securely shares Uplus information with KB Insurance, customers do not have to submit additional paperwork.

Ground X launched its public blockchain platform, Klaytn, in June. It provides a developer-friendly environment for blockchain coding and operation, and is actively seeking to popularize the use of blockchain among regular people.

source: koreaherald.com

So, the partnership between LG and Kakao aim to connect unique blockchain ecosystems. Right now interoperability is a big concern in blockchain projects because these blockchains can not interact with each other. So, inter-chain’ projects like this one aim to make crypto networks compatible with one another across separate chains and smart contracting languages. 

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