Blockchain is no longer just a story of Wall Street banks and brokers leveraging the technology to optimize finance. Now, corporates are embracing distributed ledger to streamline business operations.
LG Electronics, the South Korean consumer electronics giant spanning TVs, laptops, and home appliances, with annual global revenue of over $60 billion, is building a blockchain-based advertising network and has chosen Arbitrum to help build it out.
LG told Fortune it has developed its own layer-2 blockchain network in collaboration with Arbitrum, a layer 2 protocol that enables low-cost, high-speed transactions on Ethereum.
LG’s move is part of a broader trend of corporations seeing operational potential in blockchain technology. Walmart has used the technology to transform food safety and reduce the time needed to trace a product through its supply chain to just 2.2 seconds, down from over six days. IBM has built blockchain-based supply chain solutions, while Microsoft has integrated blockchain into its Azure cloud platform for enterprise applications.