TraXion signs partnership with LG CNS

TraXion.tech is proud to announce that it closed an international deal with multinational electronics company LG. This partnership will see us playing a long-term and pivotal role not only in bringing LG’s business onto the blockchain but also in leading the region’s blockchain development.

LG CNS, as the information technology subsidiary of LG Group, has been leading the company into the blockchain space. Last year, they partnered with finance sector blockchain consortium R3 and became a member of the Open Blockchain Industry Association (OBCIA) in April 2018. A month later, LG launched its own blockchain service “Monachain” for the logistics industry, putting together a team of 50 people that they expect to double in the coming months.

Working with our deep expertise in Hyperledger will make it possible for LG to reap the benefits of blockchain technology without compromising on data security and privacy policies in place in its organization. While TraXion will be operating independently of Monachain, we are working with LG CNS to ensure that interoperability is foundational in all the projects we work on. This will be a challenge but we anticipate consolidation or interfacing with Monachain in the future.

This partnership deal is a key milestone in broader blockchain adoption globally. Businesses in the supply chain will be able to work more transparently and efficiently with the parties they contract with. In the long term, this will have the same inclusive and democratizing effect that the internet has brought to the business world — more opportunities for innovation, better services, and financial growth.

Crucial to this is the cooperation between corporates and startups.

“It used to be that large enterprises look to established service providers with numerous years of experience to deliver on their requirements. This is not the case anymore. A lot of innovation now comes from the startup community. Startups, like TraXion, are quickly building competency in new technologies and employ a more agile approach to technology implementation. This, coupled with game-changing technology platforms such as blockchain, becomes a more attractive proposition to corporations looking to bring their business into the future” — Ann Cuisia, TraXion’s CEO.

With more corporations and startups working together on its applications, blockchain technology is fast outgrowing the hype and becoming a reality. It’s a reality where businesses, from large corporations to SMEs, use blockchain technology for everyday operations, enabling more consumers to access products and services. This is the future our team at TraXion envisions and we’d like to give a big shout out to LG for taking a huge step with us towards it.

For more information about TraXion and our ongoing presale, please check out our website or drop by our Telegram channel.