LG Electronics Launches Its Own Blockchain-based Platform

May 16, 2018 at 13:03 // News
Coin Idol

The IT Electronics giant, a South Korean multinational electronics company, LG has launched its enterprise blockchain platform that according to developers can be put into various numbers of practical use in different sectors like manufacturing and finance.

LG’s subsidiary, LG CNS' own blockchain platform entitled "Monachain" has been created to enable blockchain-based logistics in the fields of manufacturing,  communication and finance.

Among the main implementations of Monachain gives a digital currency, digital supply chain management and a digital authentication system. Monachain activates a new type of identification, a decentralised identifier (DID) that can be used for online payments and personal identification through smart devices.

Currently, LG CNS is looking for agreement with domestic banks so that it can bring its digital currency business to a larger population. LG CNS representative said:

"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. "

In mid-2017, LG CNS first disclosed details of its first enterprise blockchain. The platform is based on Corda, a permissioned distributed ledger software created by global banking blockchain consortium headed by R3, a New York-based industry firm.

Blockchain and crypto in South Korea

As South Korea is still cryptocurrency friendly to all blockchain companies. The Central Bank of Korea (BOK) issued out a report on May 1st that detailed various ways to apply blockchain and cryptocurrencies in order to make South Korea Cashless by 2020. Also, BOK is planning to research a lot in the field of cryptocurrencies by forming an organisation to manage possible impacts on the financial system. 

However, Choe Heung-sik,  Financial Supervisory Service (FSS) governor, announced in February that cryptocurrency transactions using real names were permitted in South Korea but the cryptocurrency exchanges needed to work together with banks before offering such services.

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