South Korean Electronics Giant LG Launches Own Blockchain Platform ‘Monachain’
LG CNS, an information technology services subsidiary of South Korean electronics giant LG, has rolled out its own blockchain service aimed at digital authentication, digital currency, and digital supply chain management, The Korea Times reported.
Monachain is an “enterprise blockchain platform that can be applied to a variety of industries, including finance, public, communications and manufacturing.” The new platform has derived its name from the famous painting “Monalisa” created by Leonardo da Vinci. “Mona” in Greek stands for “queen”, thus giving “Monachain” the meaning “queen of blockchain.”
For digital certification service, the platform uses a decentralized identifier (DID), which will enable users to easily identify themselves, transfer funds or make payment online using their smart devices. The platform will also allow users to create their own digital wallet and use financial services.
According to the company, “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”.
LG CNS is among the early adopters and developers of blockchain services. In 2015, the company launched South Korea’s first blockchain-based platform and issued electronic stocks of unlisted companies through it.
Last year, the company joined the R3 blockchain consortium. In addition, it is also a member of Open Blockchain Industry Association (OBCIA) and has plans to join the Linux Foundation’s Hyperledger blockchain project as well. The company is currently working on digital community currency business in collaboration with local banks.
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