Blockchain is no longer just a story of Wall Street banks and brokers leveraging technology to streamline finances. Now, companies are adopting distributed ledger to streamline business operations.
LG Electronics, the South Korean consumer electronics giant spanning televisions, laptops and home appliances, with annual global revenues of more than $60 billion, is building a blockchain-based advertising network and has tapped Arbitrum to help develop it.
LG told Fortune that it has developed its own Layer 2 blockchain network in collaboration with Arbitrum, a Layer 2 protocol that enables high-speed, low-cost transactions on Ethereum.
LG’s move is part of a broader trend of corporations seeing operational potential in blockchain technology. Walmart has used technology to transform food safety and reduce the time needed to track a product through its supply chain to just 2.2 seconds, compared to more than six days. IBM has created blockchain-based supply chain solutions, while Microsoft has integrated blockchain into its Azure cloud platform for enterprise applications.
