LG CNS To Develop South Korea’s First Public Blockchain Platform

News | June 13, 2018 By:

LG CNS, a subsidiary of of South Korean electronics giant LG, has been chosen by the Korea Minting and Security Printing Corporation (KOMSCO) to establish South Korea’s first public 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.

KOMSCO is a government-owned corporation which is responsible to print and mint the banknotes, coins and other government documents. They also produce all South Korean cheques, stamps, and passports. Its headquarters are located in Daejeon, South Korea.

LG CNS said it will develop the public blockchain platform based on its Monachain solution, a blockchain service aimed at digital authentication, digital currency, and digital supply chain management. KOMSCO wants to offer solutions like community tokens, digital authentication, and document certification services to those using the public blockchain platform.

LG CNS is planning to launch the blockchain platform as a cloud. It will combine the Monachain platform and the cloud, enabling public institutions, local governments and universities to access the platform via LG G-Cloud. In addition, LG CNS will also be offering an anchoring service that will allow users to save data from other platforms on KOMSCO’s blockchain platform. The service would enable users to check multiple platforms to confirm the authenticity of documents.

LG CNS said it will sign a formal contract with KOMSCO later this month and focus on the platform setup.