What began as the basis of cryptocurrencies such as Bitcoin, blockchain technology which is a virtual ledger capable of recording and verifying a high volume of digital transactions is now spreading across a wave of industries. In 2021, funding to blockchain startups surged 713%. Bitcoin’s popularity helped demonstrate blockchain’s application in finance, but entrepreneurs have come to believe the tech could transform many more industries which would range from insurance to gaming and lots more.
Ultimately, the use cases for a transparent, verifiable register of transaction data are practically endless, especially since blockchains operate through a decentralized platform requiring no central supervision, making them resistant to fraud. In this light, with the arrival of the metaverse, blockchain technology has become more significant, as cryptocurrencies and non-fungible tokens (NFTs) will enable purchases and value storage in virtual reality.
Take Your Own Lead
Without fail, the word Cryptocurrency has become a parent name, encompassing a whole lot. Cryptocurrency is arguably one of the biggest trends in the web 3.0 world. Several organizations have signed up or indicated an interest in joining the digital revolution and just recently, LG, a South Korean tech giant officially updated its business development goals to include cryptocurrency and blockchain-based software.
Streaks of Lightning: Follow the Pathway
Prior to the recent announcement, the brand had dipped its feet, as it tags along with the trending buzz world. The announcement came in a strategic way, even as fellow tech giants within the South Korean hub continue to adopt cryptocurrencies and blockchain-related tech. Earlier this year, fellow South Korean tech giant Samsung announced that it would be launching an NFT platform for its smart TVs, as well as launching its own store in the Decentraland metaverse.
Most notably, the country elected a crypto-friendly President, Yoon Suk-yeol. Yoon’s election campaign was however centered around deregulating South Korea’s crypto industry as well as establishing initiatives to make the country a future home of blockchain technology “unicorns.”
Take a Brisk Walk
South Korean tech giant LG Electronics has officially added blockchain and cryptocurrency as new business areas in its corporate charter. According to a local South Korean news report, LG added two distinct crypto-related objectives during its annual general meeting on Thursday. The objectives include:
- “The development and selling of blockchain-based software” and secondly,
- “The sale and brokerage of cryptocurrency,” This will lead to conjecture whether LG would establish some form of crypto exchange.
Furthermore, when asked about the company’s intention to start its own exchange or platform, an LG spokesperson stated that; “Nothing has been decided yet. We just mentioned business areas in a broad manner.”
Rumors concerning LG creating a crypto-related marketplace emerged earlier this year when Bithumb CEO Heo Baek-young confirmed that the exchange was working with “a large company” to develop a nonfungible token (NFT) marketplace.
With the current trends, LG has proven to be among the top leads with regards to being an early adopter of Cryptocurrency. The tech manufacturer has been on a warpath of NFT adoption and integration, announcing earlier this month that it was working with blockchain tech company Kakao’s Ground X to introduce a line of smart TVs that are fully NFT-capable. LG also announced a partnership with Seoul Auction Blue, an online art auctioneer, to carry out further projects related to NFT-based artworks.