Electrical device giant, LG, will join the blockchain trend with a new service platform called Monachain. The company has recognized blockchain’s potential and are using their subsidiary, LG CNS, to create a new logistics service which will be entirely blockchain-powered. The service will allow for new capabilities in communication, finance, and manufacturing.
The platform’s name is Monachain, and along the previously-mentioned uses, it will provide its users with a digital wallet.
What can the platform do?
The new platform’s main goal is to serve as an authentication system. Aside from that, a cryptocurrency can be used as a tool for digital chain management. It features a decentralized identifier, a system for identification, smart device payments, and the ability to enable personal identification. LG CNS’s plans are not complete yet, however, as the company is currently working on entering agreements with various banks in order to expand its offering of cryptos.
The company’s representative issued a statement in which they claim that Monochain will be of use to business owners who wish to increase their productivity. They will be provided access to a new system for supply chain management, and this will, in turn, allow suppliers to manage their production processing more efficiently.
Operations such as these have already reaped the benefits of blockchain tech, bringing efficiency to transactions, documents, and the storage, security and tracking of official data. This will increase the security of both customers and companies that are using the technology.
Monachain will also allow its users to create a new crypto wallet by which local governments can issue welfare payment programs and local currency for blockchain users.
Monachain’s creation and plans for the future
The platform is based on Corda, which was created by R3. LG CNS announced its partnership with this consortium a year ago, in May 2017. R3 is known for being the biggest consortium around the globe that specializes in blockchain tech. It currently leads a group of over 80 individual companies that are all interested in researching and further developing this technology.
Corda’s stability was largely the product of efforts put in by Korean and other foreign banks. Its ledgers are maintained by traders, which shortens the time needed for processing. LG CNS’ original plan hints at the creation of a new consultative body that would consist of the company itself, as well as R3 and Korean startups.
Kim Hong-keun, LG CNS Financial Business Division’s executive director, commented on these plans last year that the services offered to the financial sector would be only a start. Eventually, the plan is to expand to other industries as well.