LG CNS tests the R3 Distributed Ledger Software Corda

LG CNS, an IT subsidiary of the Korean electronics giant LG Corporation has announced that it will focus more strongly on the blockchain technology.

In a press conference at the FKI Tower in Yeouido, Seoul, LG CNS announced to further strengthen its digital financial services in the second half of the year. The focus will be on interactive systems and blockchain services.

"The financial sector is the focus of the fourth industrial revolution," said Kim Yong-Seop, President of LG CNS.

Korean media reported this week that LG CNS is working on a block-based financial platform. For this, they use the R3 Distributed Ledger Software Corda - this system provides information on selective data as well as time efficiency.

In addition, the company is planning to support its existing digital financial business by establishing a digital financial center in early July in order to increase the number of experts employed and to support the initiative.

Overall, this step can be seen as a sign of growing interest in the blockchain technology in Korea, both in the private and public sectors. To date, logistics providers, financial start-ups and the central bank have been openly discussing initiatives and pilot projects.