LG has Launched its Own Blockchain Service Called Monachain
South Korean LG Corporation’s subsidiary LG CNS which supplies information technology services has launched its own Blockchain technology called Monachain. Monachain is designed to ease blockchain-based logistics in several fields like manufacturing, finance, and communication according to local Yonhap News Agency.
LG CNS’s new platform is developed to provide a digital authentication system and also a digital currency. More to that it will have the ability to control the digital supply chain management tool. According to the news, Monachain will enable a new type of identification and also a decentralized identifier which will be used for online payments through smart devices and also for personal identification.
Monachain will also allow its users to conduct financial operations and also open digital wallets. The report also indicated that LG CNS is looking for an agreement with domestic banks to enable the cryptocurrency business move to a wider audience. According to LG CNS:
“Monachain will help business owners boost productivity because the company will provide a digital supply chain management system which will enable suppliers to manage the whole production in a better way and more efficiently.”
LG CNS started researching about Blockchain in 2017 when the company partnered with R3 which is blockchain consortium consisting of more than 200 firms. LG seems to be following the steps of their competing firm Samsung which also recently launched a Blockchain platform to monitor its supply chain system in the entire world. Samsung was also determined to reduce its supply chain cost by reducing paperwork, and increasing efficiency.
Blockchain technology is becoming increasingly popular with companies and financial institutions increasing adopting the technology. The technology is already supporting all the digital currencies. It’s very safe to use because it’s fast and ensures the safe transfer of data. Several analysts have also argued that Blockchain will help in the next industrial revolution.