The IT subsidiary of electronics giant LG has launched its enterprise blockchain platform that can be applied in a number of sectors including finance and manufacturing.
Dubbed ‘Monachain’ by LG CNS, the in-house enterprise blockchain platform will reportedly focus its applicability in digital authentication, digital supply chain management, and digital currency, according to a Korea Times report.
Curiously, Monachain also enables participants to create their own digital currency wallets, a feature that can see local governments issue local currency and welfare payments to end users on a blockchain LG CNS said. Further, the LG group arm revealed it is working toward a community banking infrastructure with commercial banks, enabling them to issue and distribute digital currency through a blockchain platform, a Yonhap news report revealed.
The company added in a statement:
Even further, Monachain can help business owners boost productivity as the company provides a digital supply chain management system that enables suppliers to manage the entire production processing efficiently.
Monachain uses a decentralized identifier to enable verifiable digital identity wherein participants in the blockchain will be able to self-verify their identity over a smartphone before making a payment or remittance.
As reported previously, LG CNS first announced details of its first enterprise blockchain in mid-2017. The platform is based on Corda, a permission distributed ledger software developed by global banking blockchain consortium led by New York-based industry firm R3.