S. Korean Media: Electronics Giant LG Launches Own Blockchain Service ‘Monachain’
LG CNS, a subsidiary of South Korean LG Corporation that supplies information technology services, has recently launched its own blockchain-powered service, local Yonhap News Agency reports Sunday, May 13.
LG CNS’ own blockchain platform “Monachain” has been designed to enable blockchain-based logistics in the fields of finance, manufacturing and communication, according to Yonhap.
One of the main deployments of Monachain provides a digital authentication system, as well as a digital currency, and a digital supply chain management tool. As the local source reports, Monachain enables a new type of identification, a decentralized identifier (DID), that can be used for personal identification and online payments via smart devices.
Monachain also allows users to open a digital wallet and conduct financial operations. According to the report, LG CNS is seeking agreement with domestic banks to bring its digital currency business to a wider audience. A representative of LG CNS commented:
"Even further, Monachain can help business owners boost productivity as the company provides a digital supply chain management system that enables suppliers to manage the entire production processing efficiently."
In May 2017, LG CNS partnered with R3, a blockchain consortium made up of over 200 firms.
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