LG CNS, is a subsidiary of LG Corporation that supplies information technology services. Recently, LG CNS launched its own blockchain-powered platform “Monachain”, aimed at taking a stake in the lucrative, blockchain-logistics business sector related to finance, telecommunication and manufacturing.
As reported by the local Yonhap News Agency, on May 13 LG CNS’s blockchain platform, named after “La Gioconda” or “The Mona Lisa”, Leonardo Da Vinci’s famous oil painting, can be used for digital authentication, digital currency and digital supply chain management. It is also designed to enable blockchain-based finance, logistics, manufacturing and communication.
Monachain also allows users to create their own digital wallet and use various other financial services. According to the report, LG CNS is seeking an agreement with domestic banks in order to create a digital community currency business, and appeal to a wider audience.
According to a LG CNS representative:
“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.”
Monachain provides a digital certification service that uses a decentralized identifier (DID), a new type of identifier intended to verify identity digitally. This will allow users to easily identify themselves, transfer money or pay online with their smart device, according to the company.
Blockchain applications for system integration suppliers has boomed in the recent years, with a series of partnerships formed among the world’s most recognizable leaders in this sector. LG CNS has partnered with R3, the world’s largest finance sector blockchain consortium in May 2017. The firm also earned a membership in the Open Blockchain Industry Association (OBCIA) last month, and will take part in “Hyperledger” in the first half of this year. Hyperledger is a project that aims to become a platform across the financial, banking, internet of things, supply chain, manufacturing and technology industries.
by Samuel Larreal