LG Could be Expanding its Blockchain Initiatives

LG CNS, the IT subsidiary of the South Korean conglomerate LG Corporation, announced it will be using blockchain to foster supply chain transparency for school lunches, business tech site ZDNet reported on July 9.

The new system will be developed in partnership with local IT service provider SayIT, and is intended to track the food that is being served in Korean school cafeterias. It will provide transparent information, that will be recorded on a blockchain, on the products production, processing, distribution, acquisition, and consumption. The aim of this new system is to improve students’ health by providing their parents with the information they need to make informed choices.

According to the report, the new system will be based on LG’s proprietary blockchain platform, Monachain, which was first launched in May 2018. The report also revealed that the platform will be supporting an advertising system, which will allow food producers to distribute mobile flyers that promote their goods.

Earlier this month the South Korean technology giant also applied for the “ThinkQ Wallet” trademark with the U.S. Patent and Trademark Office (USPTO). According to the filing documents, the wallet will provide settlement, brokerage, and transaction services for devices such as mobile phones and computers. The filed documents also include use cases for blockchain, cryptocurrency, and the “issuance of cyber money”.