According to Odaily, LG Electronics has selected Arbitrum, an Ethereum Layer 2 network, to develop a new blockchain designed for advertising and media-related scenarios. After the news was released, Arbitrum’s native token, ARB, gained more than 5% in a single day.
LG Selects Arbitrum for an Advertising and Media Chain
The new network will be used across several parts of the digital advertising process, including the placement, purchase, sale and management of advertisements. It will also record how users interact with advertising content, bringing data related to media and advertising activity into an on-chain system.
Arbitrum is 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 build on Arbitrum connects its planned advertising and media applications with an Ethereum scaling network.
LG’s Earlier Blockchain Efforts
This is not LG’s first move into blockchain. The company previously launched Monachain, an enterprise-grade blockchain, through its IT services division LG CNS. LG also developed Wallypto, a crypto wallet product, showing that its earlier blockchain initiatives included both enterprise blockchain infrastructure and wallet-related services.
LG had also launched Art Lab, an NFT marketplace, but that platform was shut down last year. With the new blockchain planned on Arbitrum, LG’s focus shifts to advertising and media use cases, with on-chain functions centered on digital advertising transactions, management and records of user interaction with ad content.