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Blockchain News: Electronics Giant LG Launches Monachain Blockchain Platform

LG CNS, a subsidiary company of LG Corporation that offers information technology services like network and system integrations, has unveiled it is Blockchain-powered service, reported local Yonhap News Agency on Sunday, May, 13.

According to the local news agency, “Monachain” LG CNS’ Blockchain platform has been created to support Blockchain logistics in the fields of communication, manufacturing, and finance.

Reportedly, Monachain will offer digital authentication, community token, and supply chain management

Monachain will allow consumers to open digital wallets and perform transactions. According to the report, LG CNS has been in talks with banks to offer its community token. A representative of LG CNS stated:

“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.”

LG CNS announced a partnership with global blockchain consortium R3 in May 2017. It will also join the Hyperledger within the first half of this year, the company added.

South Korean companies are riding the blockchain bandwagon. In November last year, Samsung SDS, the Korean electronics giant Samsung subsidiary, won an order from the Seoul metropolitan government to develop an Information Strategy Plan (ISP) for ‘Innovation in Building Blockchain (Solutions) for Seoul City

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