LG CNS, the IT subsidiary of the South Korean electronics giant LG, has launched its own blockchain service, local agency Yonhap reports.
Why it is important
- Despite its potential, blockchain is still mainly used in cryptocurrencies. Each new company experimenting with blockchain brings the technology closer to mainstream adoption.
Monachain, LG CNS' new in-house blockchain platform, is designed to provide services in finance, manufacturing and communications.
The platform's applicability will rotate around three main areas - digital authentication, digital currency, and digital supply chain management.
Its' digital authentication service, for example, will use a decentralized identifier (DID), which will allow users to identify themselves, send or receive funds, and authorize online payments.
Monachain will also enable users to open digital wallets and conduct financial transactions. According to sources, LG CNS is currently negotiating with local banks to provide access to the service to a wider audience.
“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 in a statement.
In May 2017, LG CNS entered into an agreement with R3, a New York-based blockchain consortium that includes banking giants such as Barclays, Bank of America, Credit Suisse, Deutsche Bank and HSBC. Several months later, LG CNS began testing a financial blockchain platform based on R3's Corda.
By Ekaterina Ulyanova