LG CNS, the information technology arm of LG, has developed an in-house blockchain platform aimed at digital verification, digital currency, and digital supply chain management.
In its latest attempt to cash in on blockchain technology, LG CNS, the information technology arm of South Korean electronics corporation LG, has developed its own blockchain-as-a-service product, intended to be used for digital verification, tracking and securely handling digital currency transactions, and digital supply chain management.
This new, in-house blockchain service, dubbed “Monachain,” is an “an enterprise blockchain platform that can be applied to a variety of industries, including finance, public, communications and manufacturing. [Its] functions are: digital certification, digital community currency, [and] digital supply chain management,” Yonhap News reported on May 13.
Monachain uses Distributed Identification Technology (DID) to allow customers to use a PIN or fingerprint for verification. In addition, the new platform will allow customers to create their own digital currency wallets, which LG CNS hopes will easily authenticate customer identities and ensure the security of transactions.
Monachain will provide banks and local governments with a digital “currency community option” that will theoretically allow local governments to quickly and safely distribute welfare payments and other types of government assistance to the intended recipients. The company hopes digital distributed chain management would be ideal for “shortening production time, maintaining proper inventory, and minimizing transportation errors.”
This is not the first time LG CNS has developed a blockchain system in South Korea. In December of 2015, the company launched a blockchain platform in which it “issued electronic stocks of unlisted companies unregistered at Korea Securities Depository.”