The IT department of the LG electronics giant, LG CNS, was elected by the South Korea’s minting corporation to create a public-sector blockchain platform to provide a range of services, including the release of a community token for widespread use.
June 10, LG CNS won an order from Korean Minting, Security Printing & ID Card Operational Corp. (KOMSCO) to develop and launch the country's first public blockchain platform, according to Business Korea.
KOMSCO, a Korean government corporation that prints and issues financial notes, coins, stamps, passports, and other government documents, is considering a number of key services.
According to the Korean edition, the company plans to release community tokens as digital gift certificates, which can be shared with local authorities and universities directly into users' digital wallet.
KOMSCO also plans to introduce a "digital authentication service" so that users can instantly identify their identity through biometric data via a smartphone. Probably, this function will help users to register and get access to services quickly and smoothly.
LG CNS also works on various services for document certification with KOMSCO to determine exactly whether the document is original or counterfeit.
The platform will be built on LG’s enterprise blockchain platform Monachain. The internal platform of Monachain provides opportunities for digital authentication, digital supply chain management and, in particular, digital currency issuance. Monachain allows its members to create their own wallets for digital currencies.
Reportedly, a subsidiary of LG will sign a formal contract with KOMSCO at the end of June before starting work on developing and launching the platform.
By Ekaterina Ulyanova