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LG Launches Own Blockchain Platform ‘Monachain’

South Korean Giant LG has recently launched its own blockchain-based service, as reported by Korean news agency Yonhap.

LG Corporation’s subsidiary LG CNS, responsible for supplying information technology services has launched this new service, first reported on Sunday, May 13.

‘Monachain’, the company’s own blockchain-powered platform has been designed to enable logistics based on the nascent technology in the fields of finance, communication, and manufacturing, according to Yonhap News.

Some of the main deployments of Monachain include a digital authentication system, a digital currency, and a digital supply management tool, all using blockchain technology. According to the report by Yonhap News, Monachain provides a new way for identification, DID (a decentralized identifier), which enable a more reliable way for identification, as well as a more secure way to make payments online through smart devices.

To add to that, this new platform equips its users with a new digital wallet that can be used to conduct financial operations online on their smart devices. Currently, LG CNS is trying to make agreements with domestic banks in South Korea to bring its blockchain-powered wallet to a wider audience.

As one of LG CNS’ representatives said,

“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.”

Last year in May, LG CNS signed an agreement with R3, world’s largest blockchain consortium made up of more than 200 firms. That partnership made LG CNS the first South Korean IT company to join the consortium. The three-party had then decided to provide blockchain-based services specialized in country’s financial environments by setting up domestic standards so that companies and developers could benefit from the services easily.

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