Aju Business Daily

SEOUL -- Lotte Data Communication, the data informatization wing of South Korea's Lotte Group, forged an alliance with a Toronto-based artificial intelligence and blockchain technology company to venture into Canada's blockchain-based supply chain management industry,

Lotte Data said in a statement Tuesday that it signed a memorandum of understanding with Datametrex to co-develop a block-chain-based supply chain management (SCM) for Canadian livestock products.

The blockchain is a decentralized service which shares replicated and synchronized data geographically spread across multiple servers operated by countries or organizations. Each virtual ledger works as a verification tool, making it almost impossible to hack or manipulate.

"We will become the world's leader in solution and platform markets by expanding our capabilities in core technologies such as artificial intelligence, internet of things and big data," Lotte Data CEO Ma Yong-deuk was quoted as saying.

When the encrypted ledger SCM solution is developed, consumers will gain access to transparent information about the production and distribution of livestock products in real-time. The solution will enable quick counteraction when problems arise and prevent forgery using blockchain technology.

Datametrex is capable of setting up high-performance blockchain networks with super-fast processing speed. Lotte Data will utilize Datametrex' encryption technology to develop other solutions such as cold chain service, a temperature-controlled supply chain service which is ideal for livestock products.