According to a person familiar with the company, the South Korean manufacturer LG is currently working with several blockchain engineers to develop a smartphone dedicated to this new technology.
Remember that in July, the mobile phone operator LG U + (the telecom branch of LG Group) announced that it would begin to offer a mobile phone insurance using blockchain technology.He stated that his product would allow customers to receive same-day compensation for damage to their devices and will not require them to submit documentation for their claims. LG U + said the platform will also allow customers to choose replacement mobile phones as a result of accidents and receive a device on the same day. The application uses the blockchain Monacoin developed by the IT branch of LG Group, LG CNS. According to Chosen Biz, this insurance platform is the first in the country to use blockchain technology. It was developed jointly with KB Bank’s insurance subsidiary, KB Insurance.
A blockchain smartphone to compete with Samsung
Samsung recently announced the future launch of a Blockchain smartphone, LG takes the lead and makes a similar announcement.
We all know that LG is Samsung’s closest rival in the domestic market and according to an article in the daily Chosun, LG wants to react to the announcement of the arrival of its blockchain phone developed in association with Ground X, a subsidiary of the giant of Kakao cat.LG Electronics would be ready to launch compatible smartphones with various features based on the blockchain on the Korean market.LG has reportedly completed a market study on companies offering blockchain and App services. Therefore, it seems that LG filed a patent in the United States for a smartphone cryptocurrency wallet earlier this year.
In South Korea, the competition between LG and Samsung is so crucial.Furthermore, Koreans are among the most fascinated by Bitcoin, crypto-currencies and blockchain technologies. The company also plans to work with farmers and schools on an ambitious blockchain-based school canteen project.