LG Becomes Member Of The Hedera Governing Council

Enterprise-grade distributed ledger platform Hedera Hashgraph revealed LG Electronics’ addition to the Hedera Governing Council. The council consists of 39 international companies from a wide spectrum of industries and different parts of the world. 

It aims to enable a decentralized governance model for a public ledger. Other members include Boeing, Deutsche Telekom, Google, IBM, DLA Piper, FIS (WorldPay), Swisscom Blockchain, Tata Communications, Magalu, Nomura, Swirlds, University College London (UCL), and Wipro, with LG being the 14th.

LG is the only home appliance manufacturer currently on the council and as such, it will work on identifying ways for distributed ledger technology to benefit consumers by facilitating seamless transactions.

LG Electronics is an international technology and consumer goods company with a diverse workforce of 74,000. Consisting of five companies – Home Appliance & Air Solution, Home Entertainment, Vehicle Component Solutions, Mobile Communications, and Business Solutions, it has $53 billion global sales for 2019.

Cho Taeg-il, senior vice president of LG Electronics shared that:

“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”.

As for LG’s joining in the Hedera Governing Council, he said:

“We look forward to being a part of the Hedera Governing Council and opportunities where we can collaborate with other leading organizations across a wide range of industries to further develop the application of distributed ledger technology to benefit businesses and consumers alike.”

Each member of the council will run a node on the Hedera Hashgraph public network and will be accountable for approving Hedera’s roadmap and updates to the platform. All members should guarantee the decentralization and diversity of the Council.

Hedera is a decentralized public network where developers can create secure, fast, decentralized applications on Hedera’s platform. As the people behind Hedera explain themselves: “carve out a piece of cyberspace to transact, play, and socialize in a secure, trusted environment.”

“We are thrilled to welcome industry leader LG to the Hedera Governing Council,” said Mance Harmon, CEO, and co-founder of Hedera Hashgraph. “For many years, LG has been visionary in their approach to adopting new technology in the name of improving the lives of customers and partners worldwide. 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.”