South Korean tech giant LG Electronics has announced the development of a new platform aimed at moving its ad placement and sales processes to the blockchain.
According to Fortune’s exclusive report, the company, known for its televisions, laptops and various consumer electronics products, is working on a new initiative in advertising technologies through its own blockchain research lab.
Developed by LG Electronics, the platform will provide a shared ad inventory database for advertisers and publishers, while also recording how users interact with ads on the blockchain. The company previously carried out the project with an undisclosed Japanese advertising agency.
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LG worked with Arbitrum, Ethereum’s second-tier (Layer-2) scaling solution, to develop the new infrastructure. Using Arbitrum technology, LG created its own Layer-2 blockchain network. The network aims to reduce operational costs in the advertising ecosystem by enabling the batch processing of transactions at low costs. The company will evaluate how to implement the advertising platform commercially later this year.
Samuel Byungsun Park, Head of Blockchain Research at LG Electronics, stated that they are testing whether the new approach can generate meaningful value for advertisers, publishers and users.
Steven Goldfeder, co-founder of Arbitrum, said their blockchain-based advertising platform could make ad sales processes more efficient. Goldfeder stated that the system could operate largely automatically via software, requiring less manual intervention.
After this development the price of $ARB rose:
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