Blockchain Platform ‘Monachain’ Launched By Electronics Giant LGbr>
LG CNS, a subsidiary of of South Korean electronics giant LG, has launched its own blockchain platform.
LG CNS provides information technology (IT) services including consulting, system integration, network integration, business process outsourcing, and information technology outsourcing. Currently, LG CNS is Korea’s largest IT service provider and has implemented a number of large-scale public IT infrastructure projects. It also played a major role in the Korean government’s e-Korea initiative.
The new blockchain platform, called Monachain, has been designed to enable blockchain-based logistics in the fields of finance, manufacturing, and communication. The platform can be used in digital authentication, digital currency, and digital supply chain management.
For digital certification service, Monachain utilizes a decentralized identifier (DID) technology to provide a differentiated digital authentication service. DID, an international standard of W3C that has about 500 worldwide organizations participating, enables Monachain users to easily identify themselves, transfer funds, or make payments online using their smart devices.
The blockchain platform also allows users to open a digital wallet and conduct financial operations. Currently, the company is preparing its digital community currency business with local commercial banks. LG CNS will provide a blockchain platform for banks, and banks will be in charge of currency issuance and distribution.
“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,” the company said in a statement.
Last year, LG CNS joined the R3 blockchain consortium. It also joined the Open Blockchain Industry Association (OBCIA) last month and is planning to take part in the Linux Foundation’s Hyperledger blockchain project during the first half of this year.