Author: Gan Jia Ci
LG CNS, IT service branch and subsidiary of one of the largest South Korean multinational electronics company, is reported by local news media Yonhap News Agency to launch its own blockchain platform, known as Monachain.
According to the report on May 13, Monachain includes features that allow blockchain-based logistics in finance, manufacturing and communication. Its main objectives are to achieve digital certification, a common digital currency, as well as a digital supply chain management platform to facilitate global deliveries of LG products. Not only does Monachain enable a new type of identification, it also creates a decentralised identifier (DID) that allows personal identification and online payments using smartphones.
Monachain serves as another platform for users to create digital wallets and conduct financial services. The report stated that LG CNS is currently in talks with local banks to expose its digital currency business to a larger audience.
An LG representative stated,”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.”
LG CNS mentioned that they teamed up with R3, a blockchain consortium giant with over 200 firms in May 2017.
The Monachain news comes after the fortunate announcement by the South Korean government to ease the ban on Initial Coin Offerings (ICOs) in March 2018. Samsung, another South Korean electronics giant and rival of LG, also revealed in April that it will be using blockchain for its global supply chain. Samsung intends to use the blockchain technology to manage its global mailing platform, similar to LG. According to Samsung, the plan includes transferring the entirety of Samsung’s global supply chain over to blockchain.