Blockchain is no longer just about Wall Street banks and brokers leveraging the technology to optimize finance. Now, businesses are adopting distributed ledger to streamline their 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 develop it.
LG told Fortune that it 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 where businesses are seeing the operational potential of blockchain technology. Walmart has used this technology to transform food safety and reduce the time it takes to trace a product through its supply chain to just 2.2 seconds, down from more than six days. IBM has built blockchain-based supply chain solutions, while Microsoft has integrated blockchain into its Azure cloud platform for enterprise applications.
