SEOUL -- LG Electronics joined the governing council of Hedera Hashgraph, a distributed ledger platform, as the sole home appliance manufacturer which has led the production of premium OLED TVs.
Hedera uses a hashgraph-based consensus algorithm to allow for multiple branches of blocks. It is governed by the Hedera Governing Council, which is composed of companies such as Google, Boeing, IBM, Deutsche Telekom and others. The council is designed to enable the most decentralized governance model for a public ledger.
In a joint statement, LG said it would work with Hedera and other members to identify ways that distributed ledger technology can benefit consumers and supply chain partners by enabling seamless transactions. All council members will run a node on the Hedera Hashgraph public network and are responsible for approving Hedera’s roadmap and updates to the platform’s codebase.
Distributed ledger technology is a digital system for recording the transaction of assets in which transactions and details are recorded in multiple places at the same time. Unlike traditional databases, distributed ledgers have no central data store or administration functionality.
"Distributed ledger technology holds the potential to improve customer value and allow enterprises across many sectors to offer new services that take advantage of the trust, security, and speed that it provides," LG's senior vice president Cho Taeg-il was quoted as saying.
Hedera Hashgraph CEO and co-founder Mance Harmon praised LG for being "visionary" in its approach to adopting new technology. "We look forward to collaborating with LG and their ecosystem to explore the many potential ways that distributed ledger technology can similarly be applied to benefit their customer base."
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