POSCO International tokenizes trade receivables on blockchain with LG CNS

POSCO International has begun tokenizing trade receivables on blockchain to expedite commercial payments among its global subsidiaries. The company, which generated 22200 million dollars in revenue last year, is collaborating with LG CNS to issue, transfer, and settle receivables on the Injective layer-1 blockchain. The pilot utilizes real trade receivables from POSCO's overseas operations, rather than simulated transactions. Trade receivables are amounts owed to a company after goods are shipped but before payment is received, typically tracked separately by buyers, sellers, and banks, causing delays in cash release. The shared blockchain ledger allows for a single record that can be transferred and settled while maintaining compliance. A POSCO spokesperson noted the significance of this proof of concept in validating AI and blockchain technology's applicability based on real trade data. The firm plans to expand this initiative into live production after the pilot's completion later this year. The tokenization market has rapidly grown to 35000 million dollars, with projections reaching 5500 billion dollars by 2030. South Korea is increasingly adopting corporate blockchain, with Hyundai using stablecoins for internal transfers and Circle partnering with Kakao Group to explore stablecoin payment infrastructure.

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