LG Electronics joins governing council of decentralized public network

SEOUL, May 28 (Yonhap) -- LG Electronics Inc. announced Thursday it has joined the governing council of a public distributed ledger for building decentralized applications to better study advanced blockchain technologies.

The South Korean firm is the sole home appliance maker to join the Hedera Governing Council and is its 14th member, joining global companies like Google, IBM and Boeing.

"LG will work with Hedera and other members of the Council to identify ways that distributed ledger technology can benefit consumers and supply chain partners by enabling seamless transactions," it said in a release.

A distributed ledger refers to a database shared by multiple participants in which members can securely verify and record their own transactions without going through a central server.

"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, a senior vice president of LG Electronics.

kdon@yna.co.kr
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