Top Electronics Producer LG Launches Own Blockchain Service

According to recently announced information by Korean news agency, Yonhap, South Korean LG corporations’ subsidiary LG CNS has recently launched its own blockchain-based service.

As reported, company’s new blockchain-powered platform which is called “Monachain”, was designed with the main objective of enabling blockchain-based logistics in such fields as manufacturing, finance and communication.

According to Yonhap, it was announced that Monachain provides a digital authentication system in addition to the digital currency and a digital tool for supply chain management. The system is able to provide a new type of identification as well as a decentralized identifier (DID). These tools are possible to use for personal identification and for making online payments via using smart devices. Another opportunity that the new system gives to the users is the option to open a digital wallet from where they will be able to conduct the financial operations and transactions.

The next step for LG CNS, as announced, will be making agreements with local banks which will help to make the new digital currency business known and available for a wider audience.

LG CNS representative provided details on the new solution as well as commented on the future possible development directions of Monachain. According to the source, the company believes that the system can be a measurable help for business owners in boosting the productivity of the companies. Due to the offered digital supply chain management tool by the company, the suppliers will have the opportunity to manage the entire production processing much more efficiently than they do now.

LG CNS is an electronics giant which supplies information technology services to the markets throughout the world. LG CNS had announced about partnering with a blockchain consortium, R3 back in 2017 and it is believed that similar to the one announced recently development could have been expected.

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