South Korean electronics giant LG has created a very public showcase for its blockchain-powered food and agriculture traceability platform – at one of Seoul’s busiest subway stations.
Per Paxnet, LG’s telecoms subsidiary LG U+ and its IT services arm LG CNS have teamed up for the venture, which will see the companies create a “smart farm” within Sangdo Subway Station. The station sits on Line 7 of the capital’s subway system and is located in Dongjak, an affluent south-central region of the South Korean capital.
The smart farm will be kitted out with the latest in high-tech agricultural wizardry, but its true purpose appears to be the promotion of LG CNS’ Monachain blockchain network. The company has developed a platform for agriculturalists, retailers and customers that makes use of the network – whereby all members of the supply chain feed data into a decentralized ledger, purportedly ensuring traceability at every step.
The agricultural sector in South Korea is worth over USD 7 billion, per Bank of Korea statistics released earlier this year. What is more, the government has shown a keen willingness in subsidizing IT-powered farming innovation drives. Seoul has previously unveiled plans to create 4,300 jobs in the emerging smart agriculture sector by 2022.
Read more at Crypto News (Tim Alper)