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LG subsidiary rolls out own blockchain platform ‘Monachain’
LG CNS, an information technology services subsidiary of South Korean electronics giant LG, has rolled out its own blockchain service aimed at digital authentication, digital currency, and digital supply chain management, The Korea Times reported.
The new platform – Monachain – has derived its name from the famous painting “Monalisa” created by Leonardo da Vinci. “Mona” in Greek stands for “queen”, thus giving “Monachain” the meaning “queen of blockchain.”
According to Yonhap, Monachain is an “enterprise blockchain platform that can be applied to a variety of industries, including finance, public, communications and manufacturing.”
For digital certification service, the platform uses a decentralized identifier (DID), which will enable users to easily identify themselves, transfer funds or make payment online using their smart devices. Using Monachain, users would also be able to create their own digital wallet and use financial services.
"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," the company said (as quoted by The Korea Times).
In collaboration with local banks, the company is currently working on digital community currency business.
Back in 2015, LG CNS announced that it developed South Korea’s first blockchain-based platform and issued electronic stocks of unlisted companies through it.
Last year, the company joined the R3 blockchain consortium. In addition, it is also a member of Open Blockchain Industry Association (OBCIA) and has plans to join the Linux Foundation’s Hyperledger blockchain project as well.