Today is was announced that a subsidiary of multi-billion dollar electronics giant LG will work with blockchain business in Vietnam, KardiaChain, as a validator for its upcoming mainnet.
LG CNS, part of the wider LG business, will work with KardiaChain alongside a host of other technology firms, including multinational conglomerate Geleximco, global technology business HPT Vietnam and Vietnamese national taxi business Mai Linh Group, as validators of the network.
Chang-deuk Yoon, Head of the blockchain technology department LG CNS said “We will break the lines between private and public blockchains while combining the features and strengths of each company to explore new business opportunities”.
As validators of the KardiaChain network, these partners will establish nodes 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 KardiaChain’s 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 proud to have such powerful partners like LG CNS alongside with our mission to become an accessible blockchain for millions. Our mainnet will be the first interoperable blockchain to ever launch in Southeast Asia. We hope our technology will empower the people and create meaningful impacts to the society.'”
LG CNS Partnership
As well as 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 marketplace, the two parties will develop DID solutions for Vietnam’s top enterprises with large existing user bases that can be instantly on-boarded onto blockchain. Another large-scale use case currently in development is a smart city solution for one of the largest cities in Vietnam, Danang.
LG CNS will also support KardiaChain when it enters the South Korean market, expected in 2021.