Learning Klaytn — Klaytn Governance Council, Part 3: “I’m in it for the technology”
Today, we continue our overview of the Klaytn Governance Council members. As you all well know from Learning Klaytn Part 1 and Part 2, this series is divides the council members into groups based on their fields so our Klaytneers have a more concise overview of the Council.
The Council members we’ll be looking at today are all tech companies. While this has become a pretty wide definition in this day and age, it’s still something that sets them apart, plus, we couldn’t resist using this old cryptocurrency meme:
So, as always, we hope you’ll enjoy this installment of Learning Klaytn — Klaytn Governance Council series - let’s get started!
Well, what do you know, it’s the same picture from Part 1 and Part 2, but it’s here for those that just joined us on our exploration of the Klaytn Governance Council - it represents the current members of the Klaytn Governance Council, the multinational companies that operate the Klaytn consensus node network, charged with maintaining the security of its blockchain network.
Their reported combined worth was estimated at more than $59 billion and each is a key player in their respective field.
Our way of life has become difficult to imagine without the benefits of modern technology. With smartphones, high speed internet, cloud services and online culture penetrating all aspects of our daily lives, tech companies have become the giants of industry guiding us towards.
Blockchain technology managed to carve out a stop in the fast-paced tech industry, showcasing ever more applications and attracting its implementation by ever bigger names. It is therefore of small wonder Klaytn managed to attract the interest of such a large number of tech companies - let’s try and find out how exactly does it fit in!
LG International + LG Electronics
What started out as a plastic manufacturer in 1947 has evolved into one of the biggest consumer electronics manufacturer in the world. LG International has evolved from Lucky Industry, the original plastic manufacturer, which established a separate company to manufacture electronics, GoldStar, in 1958. The two companies merged back into one conglomerate in 1983 and changed their name to LG in 1995. Today, LG International develops and trades coal, oil, gas, non-ferrous metals, palm oil, and renewable energy. It also trades in IT related equipment, petrochemical and steel products.
LG Electronics continues to produce electronic consumer products and appliances, including televisions, home theater systems, refrigerators, washing machines, computer monitors, wearable devices, solar modules, smart appliances, and smartphones. They are the second largest TV manufacturer in the world.
These two representatives on the Klaytn Governance Council are both publicly traded, with LG International currently holding an USD500 million market capitalization while LG Electronics is valued at around USD8.9 billion.
One of the more interesting entries on our list, Hanwha Systems, founded in 1978 is an global total solutions company providing differentiated smart technologies in defense electronics and information infrastructure. They are a major supplier to the Korean military, providing surveillance and reconnaissance systems such as the FFX Batch-ΙΙΙ multi-function radar shown below.
However, the company also boasts cooperation with partners in the field of Internet of Things (IoT) and Artificial Intelligence (AI) with their ICT division operating a cloud-based Big Data data analysis center. These are terms more connectable to blockchain technology, so their future interactions with the Klaytn ecosystem are likely to focus on that area in our opinion as we’ve already seen projects attempting to further Big Data and AI fields using blockchain technology.
According to their website, Yeahmobi is an intelligent marketing service provider committed to help companies expand global market. In simpler terms, they run an affiliate network - acting as a sort of middlemen connecting e.g. bloggers and entrepreneurs (“publishers”) with companies (“merchants”). The company is headquartered in China, but it has global offices in the U.S., Germany, Korea, and Japan with activities in more than 200 global regions.
This security software development company was founded in 1995 by Ahn Cheol-Soo. In a story somewhat similar to the creator of the first antivirus software and crypto anti-hero, John McAfee, Soo found his computer has been infected with a virus and created a software to combat it, dubbed “Vaccine”.
This has lead to the anti-virus software being called “Vaccine software” in Korea ever since. The company has since evolved and now covers not only anti-virus software but online security, network security appliances such as Advanced Threat (Malware) Detection & Remediation, including APT type of cyber attack, firewalls, IPS, UTM, and security software for online games and the mobile web as well. The company is traded and has a current market capitalization of around USD470 million.
Closing off today’s expose, we have the first home shopping network in Korea, founded back in 1995. At the time, it was a TV shopping company, but has since evolved into an online retailer and have begun exploring mobile shopping as well.
The company does business not only in Korea but China, India, Indonesia, Vietnam, Thailand, Malaysia, Turkey and Russia as well. Interestingly enough, GS Shop has it’s roots in the LG conglomerate, same as LG Electronics and LG International. As a part of the GS Group, GS Shop is a publicly traded company with a market capitalization of USD670 million.
And with some home shopping, it is once again time to round up this look at the Klaytn Governance Council. We hope you’ve enjoyed it and had a chance to get to know the amazing companies that govern Klaytn a bit more or even go exploring them in detail yourself. Until the next installment in the Learning Klaytn — Klaytn Governance Council, stay safe and GO KLAY!