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LG files for cryptocurrency patent

Since the dawn of Bitcoin, blockchain technology has been the lead factor in the adoption of cryptocurrency. The protocol properties behind blockchain make it an innovative instrument in revolutionizing any sector. Starting with cryptocurrency, we see the world offered a more secure, transparent and fast option. A digital ledger disrupting the financial industry.

But blockchain technology didn't stop at cryptocurrency, it still had a whole world to better, it started taking over every sector someone wanted to strengthen. ICOs gave everyday people the opportunity to benefit themselves and their wallets as well as build up a community that simultaneously advances. ICOs offer cryptocurrency tokens as shares, this gives non 'networth verified' investors the chance to gain profits while ensuring the security of user information. Blockchain is breaking down barriers in every sector, which is a clear reason why industry leaders are taking on the technology to avoid becoming irrelevant. Brands like Facebook and Microsoft are incorporating bockchain technology into their business models while other companies like Subway and BigFishGames have been accepting cryptocurrency tokens for products. Whether big or small, every step forward empowers the future of cryptocurrency so when LG announced the adoption of blockchain technology, we could only expect an exceptional entry into the market.

LG advancing the cryptocurrency space

LG entered the South Korean market post-war. Founded in 1958, the company produced the country's first radios, fridges and televisions. It was founded under the name Goldstar and underwent a few changes before finally becoming LG Electronics. Regardless of the brand name changing, LG continued to be a sole player on the market until it decided to diversify and expand. They moved to the USA to produce the first 60-inch plasma TV, gathering local favor for quantity and quality. LG later moved to partner with Philips until their partnership turned to a buyout, leading to LG Display. As LG entered the phone industry, it also took place on the Top 100 global brand list. The LG corporation is clearly interested in innovation and takes the necessary steps forward in ensuring the success of its business. Meeting consumer needs is a priority for the company which explains its next path approach.

LG is now looking to unlock the potential of blockchain technology through the storage of cryptocurrency. LG has applied to patent the ThinQ Wallet which would offer users a variety of benefits including mobile banking, issuance of digital money and payment application software for mobile phones among other things. The technology is apparently already being tested on the G7+ smartphone. More news on the cryptocurrency wallet is to come as the brand progresses.

Blockchain technology is the future

From computer software to supply chain tracking, blockchain technology has gone far beyond its beginnings in cryptocurrency. As more companies start accepting and adopting cryptocurrency, we will see an influx of money and innovation entering the space. With more adoption comes more media attention which is followed by further adoption and then money, and from there the cycle starts anew.

Cryptocurrency users benefit from the speed, transparency, and security ensured by blockchain and you can too. You don't have to buy a new phone to join the hype, you can simply buy cryptocurrency. Buy, store or sell cryptocurrency with Bitvalex, your one-stop crypto portal. Buy yourself and the world around you a better future, buy cryptocurrency on Bitvalex.


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