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LG CNS, the IT subsidiary of electronics big LG, has been handpicked by South Korea’s minting company to set up a blockchain system for the community sector to offer a amount of providers which includes issuing a local community token to the masses.
As described by Enterprise Korea, LG CNS won the purchase from the Korea Minting, Safety Printing & ID Card Operating Corp (KOMSCO) on Sunday to produce and launch the country’s first blockchain system for the wider community.
KOMSCO, the Korean federal government-owned corporation that prints and mints fiat banknotes, cash, stamps, passports and other federal government files, is eyeing a selection of essential services which includes the issuance of a community token, electronic authentication for the general public and doc certification more than the open blockchain platform that will be recognized in excess of the cloud.
Issuing Electronic Currency?
The blockchain will be crafted on major of LG’s organization blockchain platform ‘Monachain’. Released in Could, the in-residence platform specializes in digital authentication, electronic offer chain administration and, notably, electronic forex. As noted by CCN, Monachain lets its individuals to make their individual electronic forex wallets. This attribute, LG CNS officers explained at the time of start, would empower regional governments to concern welfare payments and issue nearby forex to end customers about the blockchain.
According to the Business Korea report, KOMSCO ideas to challenge these community tokens in a multitude of ‘digital present certificates [that] can be distributed in cooperation with community governments and universities’ straight into users’ digital wallets.
Authentication and Document Certification
More, KOMSCO is also setting up to unveil a ‘digital authentication service’ to let users to quickly authenticate their identification as a result of biometrics more than a smartphone. Presumably, this feature will support the general public indicator-up for and access providers in a speedy, seamless method. In a equivalent blockchain-run hard work unveiled this week, a national banking team representing Korea’s commercial banking companies will have the suggests to use a blockchain-based mostly buyer ID verification platform following thirty day period.
LG CNS is also functioning on a assortment of ‘document certification services’ with KOMSCO to correctly establish whether or not a document is first or forged. “Those who manage mainly paper documents can attract up, register, ship and shred paperwork with no forgery complications,” the report additional.
The LG subsidiary will reportedly sign a formal agreement with KOMSCO in the vicinity of the conclude of June ahead of starting perform on the enhancement and the launch of the platform.
Highlighted image from Shutterstock.