South Korea’s LG Set to Use Its Monachain Blockchain for School Cafeteria Lunches’ Supply Chain
South Korean electronics giant LG through its subsidiary, LG CNS, is set to use the blockchain technology to enhance transparency in school cafeteria lunches supply chain, Cointelegraph reports.
The food distribution platform will open up value chain information to consumers. The new platform is in collaboration with Say IT and will be based on LG’s blockchain platform, the Monachain, that was launched last year.
LG will collaborate with Korean local governments to apply the new platform where food will be served at the national school's cafeterias which will provide information on agricultural products used.
The platform will provide information about the products' production, processing, distribution, acquisition, and consumption. This information will be saved in the blockchain and will be made public to enhance transparency. In addition, food producers would also be able to use the platform to send “mobile flyers” to promote their goods to customers. This will allow consumers to purchase food items that they are aware of their production line.
In a statement, LG CNS indicated that the aim of the initiative is to allow parents to make proper decisions when it comes to the health of their children.
Development of a Crypto Wallet
In related news, the electronics giant is reportedly at an advanced stage in developing a crypto-wallet as per the filing with the U.S. Patent and Trademark Office (USPTO).
Last week, LG filed its application for a trademark dubbed “ThinQ Wallet” which will be used for various purposes including “computer software platform for blockchain,” “mobile electronic wallet for cryptocurrency,” and “payment application software for mobile phones,” reads part of the filing.
It is important that LG is already using ThinQ for its smartphone G7+. the brand was first used for a smart refrigerator that was launched by the company in 2011. Since its launch, LG has used it in different smartphones.
The move by the giant electronics company could be a sign that it is embracing for a head to head competition with its arch-rival, Samsung. The two companies have been exploring different blockchain technology initiatives and Samsung already provides crypto wallet services for its Galaxy S10 smartphone model.
LG has been exploring blockchain technology initiatives from 2017 when it was working on a finance platform using R3’s Corda software.
There seems to be much interest in crypto-related developments by electronics companies in the world. Cointelegraph reports that Taiwanese consumer electronics giant High Tech Computer (HTC) released its in-wallet ERC20 token swaps for clients using its Exodus 1 smartphone after the company partnered with Ethereum based crypto exchange Kyber Network.
The competition among smartphone producers to provide crypto and blockchain-related services and solution could be a blessing to the crypto market. It will enhance the adaptability of cryptos and blockchain-based solutions around the world and will make it easy for the public to engage in crypto trading.
What ‘s your take on LG’s exploration of the blockchain and crypto-related services? Will it help enhance adoption? Let us know in the comments section.