Korean Electronics Giant LG Announces In-house Blockchain Platform

Korean Electronics Giant LG Announces In-house Blockchain Platform

Korean Electronics Giant LG Announces In-house Blockchain Platform

This new, in-house blockchain service, dubbed "Monachain", is an "an enterprise blockchain platform that can be applied to a variety of industries, including finance, public, communications and manufacturing".

LG CNS, a subsidiary of of South Korean electronics giant LG, has launched its own blockchain platform.

This is not the first time LG CNS has developed a blockchain system in South Korea.

The Monachain blockchain permits users to create their own digital wallets for financial services.

The Digital Certification is used to verify the identity of the user, which is done by implementing biometric information.

Monachain's success is said to rely on the three major services that are now being offered, and they include the Digital Certification, Community Currency and Supply Chain Management.

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The platform is very convenient for users as they can use personal authentication, remittance, and payment on their personal mobile devices with bio information such as personal identification numbers or fingerprints.

Monachain will offer various decentralized services, one of which will be a digital authentication and certification service. "Related information is quickly shared with insurers and hospitals".

In collaboration with local banks, the company is now working on digital community currency business. Since the word Mona is Greek for queen, the term Monachain was derived from the idea of being the queen of existing blockchains.

Through digital supply chain management (SCM), interested parties will be able to share various information items such as trade information ranging from production to delivery transparently and quickly. The tool, therefore, shortens production time, ensures proper maintenance of inventory and also minimizes any transportation errors. The service is optimized for local governments' issuing local currencies and giving welfare benefits, LG CNS explains. According to reports, LG CNS inked a deal with R3, the largest finance sector blockchain consortium in the world previous year.

Furthermore, LG is also a member of the Open Blockchain Industry Association (OBCIA).

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