It was announced today that a multi-billion dollar subsidiary of electronics giant LG will be working with blockchain business in Vietnam, KardiaChain, as a validator for its forthcoming mainnet.
LG CNS, part of the broader LG business, will work with KardiaChain alongside a host of other technology companies, including international conglomerate Geleximco, global technology business HPT Vietnam and Vietnam national taxi business Mai Linh Group , as network validators.
Chang-deuk Yoon, Head of blockchain technology division LG CNS said “We will break the lines between private and public blockchain while combining the characteristics and strengths of each company to explore new business opportunities”.
As KardiaChain network verifiers, these partners will establish goals that will be used to validate the block creation, to verify transactions made on the blockchain, and to help secure its network.
Securing the KardiaChain network by performing critical algorithms for validation, each validator can earn two different revenue streams: block rewards and transaction fees.
The announcement comes just two weeks before the KardiaChain mainnet goes live on December 29. Once live, the network will allow developers to create and build decentralized applications, deploy smart contracts, and send transactions.
Tri Pham, CEO, and co-founder of KardiaChain, said: ‘We are excited to have such powerful partners as LG CNS alongside our mission to become a blockchain accessible to millions. Our mainnet will be the first interactive blockchain to ever be launched in Southeast Asia. We hope our technology will empower the people and create meaningful impacts for society. ”
LG CNS Partnership
In addition to working as a validator for the network, the KardiaChain team will work with LG CNS to combine their blockchain with LG CNS’s own Monachain blockchain. Monachain was developed by LG CNS to specialize in digital authentication and supply chain management for large businesses.
Working with the LG CNS team, KardiaChain will drive innovation and development in enterprise-scale scenarios and applications, such as decentralized identity (DID), certificate issuance, and smart city technology.
Leveraging KardiaChain’s local business acumen in the Asian market, both sides will develop DID solutions for Vietnam’s leading enterprises with existing large user bases that can be instantly included on blockchain. Another large-scale use case currently under development is a smart city solution for one of Vietnam’s largest cities, Danang.
LG CNS will also support KardiaChain when it enters the South Korean market, expected in 2021.