South Korea-based electronics giant, LG, is one of the fewest to have hit several milestones within its respective industry. Their innovations have been clearly reflected in the products they’ve offered to consumers in maximizing productivity levels. A recent announcement has been made that one of LG’s subsidiaries, LG CNS, has now created ‘Monachain’, a blockchain platform of their own.
LG CNS was founded in 1987, and since has been providing services related to Information Technology, like consultations, System and Network integrations, Business Process Outsourcing and so on. As per the news reported by Yonhap News, the Monachain blockchain can be used in several industries including that of finance, manufacturing and communications.
What Is Monachain Exactly?
The Monachain blockchain permits users to create their own digital wallets for financial services. This is surprising given the reputable position LG holds in electronics. From what has been shared, the Monachain Team will be run by the CTO of the firm and will comprise of about 50 members, which will increase in the future.
Monachain’s success is said to rely on the three major services that are currently being offered, and they include the Digital Certification, Community Currency and Supply Chain Management.
The Digital Certification is used to verify the identity of the user, which is done by implementing biometric information. This service is also said to promote connections between other systems via its DID method. LG strongly believes that this service can come in handy for real-life uses like paying bills.
The Digital Community Currency is supposedly a currency issuance service that governments can benefit from, as it promotes ease of providing welfare benefit payments. This was mainly in place to avoid the lack of transparency and any corruption that centralized systems have faced in the past.
The Digital Supply Chain Management can be an advantageous service for stakeholders, as it allows them to track down a product from the very first steps of preparing for delivery and when it is in transit.
LG’s entrance into the blockchain world is appreciated by many, as their approach towards providing services does not limit to one industry alone. A representative of LG CNS believes that the Monachain blockchain “can help business owners boost productivity” with the services in place.