South Korean technology giant LG Electronics has announced the development of a new platform aimed at moving advertising and sales processes to blockchain.
According to an exclusive report from Fortune, the company known for its televisions, laptops, and various consumer electronics products is working on new initiatives in advertising technology through its blockchain research lab.
The platform, developed by LG Electronics, provides advertisers and publishers with a shared ad inventory database while recording how users interact with ads on the blockchain. The company previously piloted the project with an unnamed Japanese advertising agency.
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LG collaborated with Arbitrum, Ethereum’s Layer 2 scaling solution, in developing the new infrastructure. Using Arbitrum technology, LG has created its own layer 2 blockchain network. The network aims to reduce operational costs for the advertising ecosystem by enabling low-cost batch processing of transactions. The company plans to evaluate how to commercially deploy its advertising platform later this year.
Samuel Byungsun Park, head of blockchain research at LG Electronics, said the company is testing whether the new approach can create meaningful value for advertisers, publishers and users.
Arbitrum co-founder Steven Goldfeder said the company’s blockchain-based advertising platform has the potential to make the ad sales process more efficient. Goldfeder said the system operates almost automatically through software, reducing the need for manual intervention.
Following this development, the price $ARB rose:
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