International giant LG Electronics joined the Hedera Governing Council. The inner company body is set to deal with and oversee the governance of the Hedera Hashgraph distributed ledger technology platform (DLT).
As announced by the Hedera Hashgraph team, “joining the Steering Committee allows LG to go beyond blockchain to usher in the next era of fast, fair, and secure applications.”
In the process, LG Electronics will be venturing into the mission of identifying different ways that distributed ledger technology by the Hedera platform could be beneficial to consumers and supply chain partners, using alongside its time- and consumer-tested knowledge and expertise on home appliances.
“Distributed ledger technology holds the potential to improve customer value and allow enterprises across many sectors to offer new services that take advantage of the trust, security, and speed that it provides,”, said Cho Taeg-il, senior vice president of LG Electronics.
“We look forward to being a part of the Hedera Governing Council and opportunities where we can collaborate with other leading organisations across a wide range of industries to further develop the application of distributed ledger technology to benefit businesses and consumers alike.”
At this point, the Hedera Governing Council consists of 14 members – Boeing, Deutsche Telekom, DLA Piper, FIS (WorldPay), Google, IBM, Magalu, Nomura, Swirlds, Swisscom Blockchain, Tata Communications, University College London (UCL), and Wipro.
It is planned that the number of companies included in the venture will be getting even greater in the near future, stretching it out to 39. There will be more global organizations included, each of them an exemplar, and a touchstone of its business environment.
They will all have to buckle up for a particular branch in the Hedera Hashgraph’s public network and be responsible for endorsing the company’s roadmap and updates to the platform’s codebase.