Blockchain is no longer just a story of Wall Street banks and brokers leveraging the technology to optimize financing. Now companies 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.
LG told Fortune that it has developed its own layer-2 blockchain network in collaboration with Arbitrum, a layer 2 protocol that enables low-cost and high-speed transactions on Ethereum.
LG’s move is part of a broader trend of companies seeing operational potential in blockchain technology. Walmart has used the technology to transform food safety, reducing the time it takes to track 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.
