LG Launches Its Own Blockchain Platform

May 15, 2018

LG CNS that is subsidiary to South Korean technological giant LG and provides IT-services has announced launching its own Blockchain platform Monachain.

As local media reports, the platform is designed to maintain logistic chains in financial organizations, industries and telecom service providers.

Monachain can be applied in different ways:

  • as user identification system;
  • as supply chains management system;
  • as cryptocurrency.

It being known that the platform will have its own decentralized ID system DID which will be applied for user authentication and executing online payments via mobile devices. In addition, Monachain will allow for opening personal crypto wallets.

As the recent LG CNS report shows, the company is aimed at collaboration with the country’s major banks to stimulate popularity growth of cryptocurrencies in South Korea.

LG CNS spokesman comments on the platform launch:

“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 a member to R3 blockchain consortium that unites over 200 organizations.

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