LG Launches Own Blockchain Service

LG Blockchain Services

LG CNS, the IT services subsidiary of South Korean electronics giant LG Corporation recently launched its own blockchain-powered service, local news agencies reported last Sunday, May 13th.

Dubbed

“Monachain, LG CNS’ platform has been designed to enable blockchain-based logistics in the fields of finance, manufacturing, and communication,”

according to news reports.

One of its main deployments provides a digital authentication system, as well as a digital currency, and a digital supply chain management tool. Monachain offers a new type of identification, called a decentralized identified (DID) that can be used for personal identification and online payments via smart devices.

LG’s new platform also allows users to open a digital wallet and conduct financial operations. According to reports, it looks like LG CNS is also seeking an agreement with domestic banks to bring its digital currency business to a wider audience. AN LG representative commented that:

“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.”

In May 2017, LG CNS R3, a blockchain consortium consisting of over 200 companies.

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