South Korea's LG CNS Announces Launch Of Blockchain Powered Service 'Monachain'

Joanna Estrada
May 15, 2018

Monachain's main focus is to be a digital authentication system, followed by a cryptocurrency and a digital chain management tool.

LG CNS has launched its own blockchain platform that can be applied to all industrial areas including finance, the public sector, telecommunications and manufacturing. LG CNS, known for supplying information technology services, has specifically designed the blockchain platform to make blockchain-based logistics in multiple fields including communication, manufacturing, and finance possible.

"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.

The platform is very convenient for users as they can use personal authentication, remittance, and payment on their personal mobile devices with bio information such as personal identification numbers or fingerprints. In addition, the new platform will allow customers to create their own digital currency wallets, which LG CNS hopes will easily authenticate customer identities and ensure the security of transactions. Since the word Mona is Greek for queen, the term Monachain was derived from the idea of being the queen of existing blockchains. LG CNS is now working on securing agreements with a number of banks to expand its cryptocurrency offering to a larger customer base.

Through digital supply chain management (SCM), interested parties will be able to share various information items such as trade information ranging from production to delivery transparently and quickly. LG CNS also recently created a dedicated blockchain team with 50 members. The company hopes digital distributed chain management would be ideal for "shortening production time, maintaining proper inventory, and minimizing transportation errors".

In May 2017, LG CNS announced that it had joined R3, the largest specialized blockchain consortium in the world. The company is also participating in the well-known open-source blockchain- based project "Hyperledger", in the first half of the current year.

Other reports by Click Lancashire

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