S. Korean Media: Electronics Large LG Launches Possess Blockchain Services ‘Monachain’

LG CNS, a subsidiary of South Korean LG Company that provides information and facts technological know-how services, has recently introduced its possess blockchain-run company, regional Yonhap Information Company reviews Sunday, May possibly 13.

LG CNS’ very own blockchain system “Monachain” has been made to allow blockchain-based mostly logistics in the fields of finance, production and conversation, according to Yonhap.

A single of the most important deployments of Monachain offers a electronic authentication method, as properly as a electronic currency, and a digital supply chain management software. As the nearby supply studies, Monachain permits a new kind of identification, a decentralized identifier (DID), that can be employed for personalized identification and on-line payments via good equipment.

Monachain also makes it possible for consumers to open a electronic wallet and perform financial operations. According to the report, LG CNS is in search of agreement with domestic financial institutions to carry its digital currency business to a broader audience. A representative of LG CNS commented:

“Even more, Monachain can assist enterprise entrepreneurs raise productivity as the company offers a electronic supply chain management process that enables suppliers to manage the entire creation processing competently.”

In May perhaps 2017, LG CNS partnered with R3, a blockchain consortium manufactured up of more than 200 firms.


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