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- LG Electronics may launch a Hedera-based digital wallet.
- LG Electronics is one of the biggest organizations across the globe.
- Many leading organizations are using blockchain technology globally.
Life’s Good, But it can be Better
LG Electronics, a leading electronics company, has made an announcement that they will launch a crypto wallet based on Hedera, a distributed ledger technology. One of the company officials stated to a news agency that they are discussing the use cases associated with blockchain.
This move is a part of the company’s reorganization efforts which aims to integrate their operations and products with blockchain. LGThinQ, an IoT-based platform of the organization, allows appliances linked to this system to connect digital wallets with its application.
Kim Seung-Jo, a professor at a Korean University, said that ‘As an electronics company the move is taken due to a possible interest in payment systems. This can offer quality data to the organization, which will eventually help them improve the firm, to increase their productivity.
In 2021, LG Electronics generated 63 Billion USD in sales worldwide through Home Appliances, Business Solutions, Home Entertainment, and Vehicle Component Solutions. They have an active workforce of more than 75,000 employees across the globe, with a presence in almost every nation on the earth.
Blockchain technology has revolutionized the globe as it offers many benefits like increased trust, transparency and security to name a few. In the words of Daniel Field, UST’s blockchain head ‘It is really valuable as it eliminates the central entities who enable the trust in the game.’ Furthermore, to enable trust when the users are lacking it due to anonymity, blockchain lets them share data in a decentralized ecosystem.
Security of this technology is another area which makes it even more reliable. The intense security is associated with how blockchain works. It creates a record of transactions which cannot be altered using end-to-end encryption, which eliminates the bad actors from doing illicit acts. Moreover, blockchain’s data is stored across a vast computer network, making it extremely secure.
Blockchain technology is about transparency too. It allows the users to trace their transactions. According to Walmart, a leading retail company which is using the technology, ‘This tech is not just about the speed, but its ability to track down the origin of the products.’ Many organizations such as International Business Machine (IBM), Microsoft, Oracle, Intel and more.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
