LG JOINS HEDERA GOVERNING COUNCIL TO ACCELERATE INNOVATION AND ADOPTION OF PUBLIC DLT GLOBALLY

Joining the Steering Committee Allows LG to Go Beyond Blockchain to
Usher in the Next Era of Fast, Fair and Secure Applications

SEOUL and DALLAS, May 28, 2020 — LG Electronics Inc. (LG) and Hedera Hashgraph, an enterprise-grade distributed ledger platform, today announced that LG has joined the Hedera Governing Council. The Council, designed to enable the most decentralized governance model for a public ledger, will comprise up to 39 global organizations from a diverse array of industries and geographies.

LG is the Council’s 14th member, joining Boeing, Deutsche Telekom, DLA Piper, FIS (WorldPay), Google, IBM, Magalu, Nomura, Swirlds, Swisscom Blockchain, Tata Communications, University College London (UCL), and Wipro. As the sole home appliance manufacturer to join the Hedera Governing Council, LG will work with Hedera and other members of the Council to identify ways that distributed ledger technology can benefit consumers and supply chain partners by enabling seamless transactions.

All members of the Hedera Governing Council will run a node on the Hedera Hashgraph public network and are responsible for approving Hedera’s roadmap and updates to the platform’s codebase. Members ensure the Council’s decentralization and diversity.

Mance Harmon, CEO and co-founder of Hedera Hashgraph, said, “We are thrilled to welcome industry leader LG to the Hedera Governing Council. For many years, LG has been visionary in their approach to adopting new technology in the name of improving the lives of customers and partners worldwide. We look forward to collaborating with LG and their ecosystem to explore the many potential ways that distributed ledger technology can similarly be applied to benefit their customer base.”

“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 organizations across a wide range of industries to further develop the application of distributed ledger technology to benefit businesses and consumers alike.”

For more information, visit https://hedera.com/council.