Monachain Blockchain Service Launched By Electronics Giant LG CNS

Monachain Blockchain Service Launched By Electronics Giant LG CNS

Monachain Blockchain Service Launched By Electronics Giant LG CNS

Monachain's success is said to rely on the three major services that are now being offered, and they include the Digital Certification, Community Currency and Supply Chain Management.

For a particular user's identification, digital certification is useful.

LG CNS provides information technology (IT) services including consulting, system integration, network integration, business process outsourcing, and information technology outsourcing. It has developed a new identification system, a decentralized identifier, enabling personal identification as well as online smart device payments.

"When we pay for medical expenses at the hospital using the digital certificate of Monachain, we will be automatically billed for the insurance claim", said LG CNS, according to a rough translation. Since the word Mona is Greek for queen, the term Monachain was derived from the idea of being the queen of existing blockchains. The platform, called Monachain, also provides a digital wallet that allows users to conduct financial operations. LG CNS is now working on securing agreements with a number of banks to expand its cryptocurrency offering to a larger customer base.

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LG CNS has launched its own blockchain platform that can be applied to all industrial areas including finance, the public sector, telecommunications and manufacturing.

Finally, the Digital Supply Chain Management function handles integral functions of an industry's supply chain, from product production to customer delivery to each stakeholder.

Last year, the company joined the R3 blockchain consortium. LG CNS will provide a blockchain platform for banks, and banks will be in charge of currency issuance and distribution. Therefore, it is expected that the new solution will shorten production time, maintain inventories at a proper level, minimize errors in transportation, and prune costs among others. In addition, it is also a member of Open Blockchain Industry Association (OBCIA) and has plans to join the Linux Foundation's Hyperledger blockchain project as well. However, LG CNS said that it "is preparing a community banking business with commercial banks".

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