LG Shows Interest in Distributed Ledger Technology, Joins Hedera Hashgraph Governing Council

LG Electronics has joined the governing council of Hedera Hashgraph, the enterprise-grade public distributed ledger platform.

Hedera Hashgraph CEO Mance Harmon told Cointelegraph that LG is the first home appliance manufacturer to join the Hedera Governing Council.

"We look forward to being a part of the Hedera Governing Council and opportunities where we can collaborate with other leading organizations across a wide range of industries to further develop the application of distributed ledger technology to benefit businesses and consumers alike."

Decentralization means expanding Hedera's presence in AsiaIt's important to point out that Hedera's Governing Council is designed to enable a fully decentralized governance model for a public ledger.

This is achieved by allowing each of its council members to run a node on the Hedera Hashgraph public network.

According to Harmon, Hedera's Governing Council will ultimately consist of up to 39 global organizations from a diverse array of industries and geographies.

Being headquartered in Seoul, LG brings an important element to Hedera's growing council - a larger presence in Asia.While Hedera already has one Asia-based company on their Governing Council - Nomura, which is headquartered out of Japan - the addition of LG is notable, as there is an increasing amount of DLT innovation coming from Asia.

"We believe, and have made it our mission from day one, to be incredibly diverse. LG is our second Council member out of Asia. Given the amount of innovation in the distributed ledger space that is coming out of Asia, both in terms of application development and user adoption, this region will continue to be incredibly important to us."

What to expect next from HederaWhile Hedera's governing council is expanding, the company also aims to provide a "Consensus-as-a-service" blockchain for enterprises seeking a hybrid distributed ledger model.

In turn, the Hedera Consensus Service, or HCS, aims to remove the complexities associated with consensus models for large organizations.