LG Will Use Blockchain And Crypto Technology In Its Business Development

JAKARTA – The electronics giant from South Korea, LG Electronics, is reportedly planning to add blockchain and cryptocurrency technology for future business development.

At the company's annual meeting held on March 24, LG's shareholders agreed on the development of blockchain-based software. Not only that, but they also welcome the sale plan and the cryptocurrency that will be used as an intermediary in the business.

When asked whether the company would open a digital exchange, LG said it had not been decided yet and only mentioned broader business development.

In fact, the signs the company is moving toward blockchain technology can already be seen when LG Electronics formed a partnership with blockchain company GroundX. The company has also collaborated with NFT solution provider Seoul Auction Blue to present a Smart TV equipped with the Non-Fungible Token feature. Smart TVs with NFT features were launched last February.

LG's move to adopt blockchain and cryptocurrency as a new business area is in line with the current developing trend as has been done by a number of top companies. They are able to adapt to new technologies. For example, Samsung, the technology giant, recently plans to integrate NFT services into its Smart TVs.

In addition, consumers will also be able to use these devices to view their digital art collections. It doesn't stop there, through Smart TV users will be able to view market data and even buy new NFTs.

The entry of the two South Korean tech giants into the cryptoverse was driven by Yoon Suk-Yeol's victory as South Korean President. In South Korea, he is known as a supporter of cryptocurrencies. Even in his campaign, Suk-Yeol has promised to lower the crypto income tax. He will serve as President starting next May.

The trend of crypto adoption continues, even the New York Stock Exchange (NYSE) has submitted a trademark for the crypto exchange and NFT marketplace to the US Patent and Trademark Office. Meanwhile, the US technology giant, Apple has successfully launched a crypto payment feature on iPhone devices, as summarized from CryptoPotato.