LG CNS Launches Monachain Blockchain Platform

LG CNS has launched its own blockchain platform, dubbed Monachain.

The service is aimed at enterprise clients and can be applied in finance, public, telco and manufacturing industries, the company said.

The platform offers digital authentication, community token, and supply chain management.

LG said it used decentralised identifier technology, a standard set by World Wide Web Consortium, for reliability.

The use of the standard will make it applicable to almost any systems or services. Clients can use PIN, fingerprint, or other biometric solutions on their devices to authenticate, wire, and pay money.

LG CNS ha been in talks with banks to offer its community token, the company said. The firm will offer its blockchain platform while the banks will issue the tokens and oversee distribution.

The LG IT service affiliate announced a partnership with global blockchain consortium R3 in May last year.

It will also join the Hyperledger within the first half of this year, the company added.

The company currently has a team of 50 people working on blockchain and will double personnel going forward.

South Korean firms are riding the blockchain bandwagon. In November, Samsung SDS won an order from the Seoul city government to build a blockchain system for use in governance.

Chat giant Kakao formed its own blockchain subsidiary. Competitor Line also formed its own in April.

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