LG & Korea's KOMSCO to Launch First Public Blockchain Platform

LG And The South Korean Government Will Launch The First Blockchain Public Platform

LG CNS, is one of the main subsidiaries of the electronics giant LG, and has been selected by the South Korean Minting Company to prepare a blockchain platform for the public sector to offer a number of services, including the issuance of a possible community token to the people.

According to Business Korea, LG CNS was officially convened on Sunday by Korea Minting, Security Printing & ID Card Operating Corp (KOMSCO) to develop and launch the country's first blockchain platform offering a general public service. The Korean government corporation KOMSCO is responsible for printing and minting banknotes, coins, stamps, passports and other government documents. Now with this project in its north, it will be able to offer a number of key services, including the issuance of a community token, digital authentication to the public and certification of documents through an open blockchain platform.

The blockchain will be built on the LG blockchain business platform “Monachain”. This platform was launched by the business conglomerate in May and specializes in digital authentication, digital supply chain management and digital money. Monachain allows its participants to create their own digital wallets. This feature would allow local governments to issue social assistance payments and local currency to users through the blockchain platform.

KOMSCO plans to issue community tokens in a multitude of digital gift certificates that can be distributed in cooperation with local governments and universities directly into users' digital wallets, according to the Business Korea report. KOMSCO also plans to introduce a digital authentication service that will allow users to instantly authenticate their identity through a biometric system using their smartphones. This will help the public to register and access these services quickly, securely and comfortably without problems.

Blockchain Implementation In South Korea

In a similar effort to boost blockchain technology from the nation governed by President Moon Jae-in, it was also announced this week that a group of national banks representing the South Korean commercial sector are obtaining the means to use a customer identification verification platform based on blockchain and is expected to be launched in July.

In addition to the main blockchain project of KOMSCO and LG CNS, they are also developing a series of document certification services to determine exactly whether a document is original or forged.

It is known beforehand that digital technology offers great advantages when verifying official documents, since there are always risks when managing paper documents that may be illegitimately drafted, recorded and modified. LG's initiative of signing a formal contract with KOMSCO at the end of June to generate solutions to these and other problems is indicative of major advances in blockchain adoption worldwide.

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