LG Electronic Builds “Monachain” Blockchain

LG CNS, based in South Korea and serving in the information technology field, has started a new service which based on Blockchain technology.

The BlockChain platform, which LG CNS launches under the name of ‘Monachain’, offers Blockchain-based logistics in the fields of finance, manufacturing and communication.

One of the features of Monachain is that the platform has a digital authentication system, a digital supply chain management tool and a digital currency.

According to local news sources, a new type of verification is used on the Monachain platform, which can be called ‘central validator’, and this validation system can be used both in personal verification and on online payments made with smart devices.

Monachain also allows users to create digital wallets and participate in financial activities.According to Yonhap, the LG CNS is trying to get this platform to a better level and to make an agreement with local banks to reach a wider audience for digital money within the platform. One of the representatives of the LG CNS said:

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 also made a partnership with R3 in March 2017 which is a blockchain consortium consisted of more than 200 companies .

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