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

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, 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.

"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 partnered with R3, a blockchain consortium made up of over 200 firms.