S. Korean Media: Electronics Giant LG Launches Own Blockchain Service ‘Monachain’

in #news6 years ago (edited)

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LG CNS, a subsidiary of South Korean LG Corporation that supplies information technology services, has recently launched its own blockchain-powered service, local Yonhap News Agency reports Sunday, May 13.

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

One of the main deployments of Monachain provides a digital authentication system, as well as a digital currency, and a digital supply chain management tool. As the local source reports, Monachain enables a new type of identification, a decentralized identifier (DID), that can be used for personal identification and online payments via smart devices.

Monachain also allows users to open a digital wallet and conduct financial operations. According to the report, LG CNS is seeking agreement with domestic banks to bring its digital currency business to a wider audience. A representative of LG CNS commented:

"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."


Source: https://cointelegraph.com/news/s-korean-media-electronics-giant-lg-launches-own-blockchain-service-monachain

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