The information technology company of LG Electronics giant, has launched an institutional blockchain platform that can be applied in a number of sectors including financing and manufacturing.
According to the Korea Times report, this blockchain platform, dubbed "Monachain", will focus on its application to digital authentication, digital supply chain management and digital currencies.
Interestingly, the Monachain platform also enables participants to create their own digital currency portfolios, a feature that can prompt local governments to issue local currency and end-user social payments on the LG CNS blockchain platform.
In addition, the LG Group revealed that it is working towards a community banking infrastructure with commercial banks, enabling it to issue and distribute digital currency through the blockchain platform, according to the Yonhap News report. The company said in a statement:
"In addition, the Monachain platform can help business owners enhance productivity as the company provides a digital supply chain management system, enabling suppliers to manage the entire production process efficiently"
The Monachain platform uses a decentralized identifier to enable verifiable digital identity where participants can verify their identity through the smartphone before making a payment or transfer.
As mentioned previously, LG CNS has announced for the first time the details of the first Blocchin Enterprise Platform in mid-2017. The platform is based on the Korda program, a license program for a notebook developed by the Global Banking Association led by the industrial company R3 Based in New York.