According to a report cited by Odaily, LG Electronics has selected Arbitrum, an Ethereum Layer 2 network, to develop a new blockchain focused on advertising and media-related scenarios. Following the release of the news, Arbitrum’s native token, ARB, rose more than 5% in a single day.
LG Electronics Chooses Arbitrum for Advertising and Media Workflows
The reported blockchain will be used for the delivery, purchase, sale and management of digital advertising. It will also record how users interact with advertising content. Based on the information provided, the planned network is not limited to a single advertising function; it is intended to support several parts of the digital advertising process, including ad placement, commercial transactions, operational management and interaction records.
Arbitrum was developed by Offchain Labs and is one of the Layer 2 networks built for Ethereum. It uses Optimistic Rollup technology, which is designed to provide faster and lower-cost transaction experiences for Ethereum. LG Electronics’ decision to develop a new blockchain on Arbitrum connects the network with advertising and media-related business scenarios.
LG’s Previous Blockchain Initiatives
This is not the first time LG has entered the blockchain field. The company previously launched Monachain, an enterprise blockchain, through its IT services unit LG CNS. LG also developed Wallypto, a crypto wallet. These earlier projects show that LG has already worked on blockchain infrastructure for enterprises as well as tools related to crypto assets.
LG also introduced Art Lab, an NFT marketplace, although that platform was closed last year. Compared with its earlier enterprise blockchain, crypto wallet and NFT marketplace initiatives, the new blockchain based on Arbitrum is centered on advertising and media use cases, with a specific function of recording interactions between users and advertising content.