Lotte Data Communication releases easy-to-use blockchain management platform

By Park Sae-jin Posted : March 30, 2020, 13:57 Updated : March 30, 2020, 13:57

[Courtesy of Lotte Data Communication]


SEOUL -- Lotte Data Communication, the IT service wing of South Korean conglomerate Lotte Group, has released an easy-to-use blockchain platform that allows users to create and manage blockchain networks with just a few clicks.

Lotte Data said on Monday that its blockchain management platform"LALP CHAIN" provides a real-time monitoring system to help developers easily manage their networks.

"We will strengthen the research and development of current research projects to come up with sustainable business models," Lotte Data research lab head Kim Kwang-young was quoted as saying.

Blockchain is a decentralized network which each connected node or a computer plays the role of a server. Each node shares identical ledgers or logs which are synchronized every time new information is added. Because synchronization is carried out in real-time, a blockchain network is virtually unhackable and is capable of tracking information.

The blockchain technology is being adopted by industries such as retail, online banking and logistics that need security and real-time monitoring and synchronization of ledgers.

In an effort to diversify its business models and create new opportunities, Lotte Data teamed up with Corys, a French company for transportation, power and hydrocarbon simulators devoted to training and engineering, to cooperate in operator training simulators needed for smart factories and find new business models in December last year.
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