LG announced that it is developing its own layer 2 blockchain network together with Arbitrum. This step of the company pointed out that the corporate use areas of blockchain technology outside of finance are expanding. Following the news, ARB, the local asset of the Arbitrum ecosystem, rose approximately 5% in the last 24 hours.
Corporate usage areas came to the fore
Blockchain technology has long stood out as a tool for banks and brokerage firms to speed up financial processes. Recently, large companies have begun to evaluate the distributed ledger structure more closely to simplify business processes and increase operational efficiency.
Speaking to Fortune, LG stated that it has created its own layer 2 network in cooperation with Arbitrum. South Korea-based LG is known as a global company operating in the fields of electronics, displays, home technologies and corporate solutions.
Mini dictionary: Layer 2 refers to additional scaling solutions on top of the main blockchain. These structures aim to connect ultimate security to the main network while executing transactions at lower cost and higher speed.
Arbitrum Founding Partner Steven Goldfeder stated that there is no need for manual intervention in the ad sales process, and the platform can completely automate this flow.
Companies seek operational efficiency
LG’s move is part of a broader trend in which companies are starting to see blockchain as a direct operational tool, not just financial innovation. According to the examples given in the news, Walmart reduced the time to track a product in its supply chain from six days to 2.2 seconds. While IBM developed supply chain-focused blockchain solutions, Microsoft integrated this technology into the Azure cloud platform for enterprise applications.
According to the Arbitrum front, the main reason for this interest is quite clear. Companies aim to establish a more efficient structure with less human intervention, especially in processes that are repetitive and involve many intermediary steps. Advertising sales processes were also shown among these usage areas.
| Organisation | Blockchain usage area | Featured data in the news |
|---|---|---|
| LG | Developing your own layer 2 network | Collaboration with Arbitrum |
| Walmart | Supply chain traceability | Time reduced from 6 days to 2.2 seconds |
| IBM | Supply chain solutions | Emphasis on corporate use |
| Microsoft | Enterprise applications on Azure | cloud integration |
Market reaction and ARB price
Arbitrum’s native token, ARB, has surged in the last 24 hours, driven by news flow and overall market recovery. The text included information that the token gained more than 7% in value, reaching $0.0834. However, in the introduction section, the daily increase was stated as approximately 5%.
It was stated that the rise in ARB was consistent with the broader market recovery led by bitcoin, with the price of bitcoin increasing by more than 3%, reaching $63,500.
Bitcoin rose more than 3% to $63,500 during the same period, according to CoinDesk data. Thus, the movement in ARB was attributed not only to the company news, but also to the general buying trend in the cryptocurrency market.
