LG Electronics Joins Governance Council of Global Distributed Ledger Platform 'Hedera Hashgraph'

[Asia Economy Reporter Changhwan Lee] LG Electronics announced on the 28th that it will participate in the Governing Council of the global distributed ledger platform, Hedera Hashgraph.

A distributed ledger platform does not record transaction information on a specific central server but manages it in a distributed manner among all participants (Nodes) within the network. Since all participants verify the distributed records, it offers excellent security.

LG Electronics is the only home appliance company participating in the Governing Council of Hedera Hashgraph, planning to research advanced blockchain technologies and jointly explore business opportunities with other participating companies.

Hedera Hashgraph has a Governing Council to ensure a fair and transparent platform. The council includes 14 global companies such as LG Electronics, Boeing, Deutsche Telekom, DLA Piper, FIS, Google, IBM, Nomura Holdings, Magazine Luiza, Swirlds, Swisscom Blockchain, Tata Communications, University College London, and Wipro.

The Governing Council participates in various decision-making processes, including platform code updates, Node policy decisions, and selection of network participants.

Mance Harmon, CEO of Hedera Hashgraph, said, “LG Electronics has been a pioneer in adopting new technologies for the better lives of customers and partners worldwide,” adding, “We will explore various ways to apply distributed ledger technology to the home appliance ecosystem in cooperation with LG Electronics, a leader in the global home appliance industry.”

Taekil Cho, head of LG Electronics’ E&M (Entertainment & Mobile Communications) Center, stated, “Blockchain technology has the potential to enhance customer value,” and added, “We will provide new value to customers through services linking home appliances and blockchain technology and prepare for the upcoming blockchain era.”