LG CNS, a subsidiary of LG Corporation, which provides services in the field of information technology, has launched its own service on the basis of blockchain, Yonhap News Agency reports.
As the newspaper writes, the platform is designed as a logistics blockchain-service for the spheres of finance, industry and communications. Monachain has a digital authentication system, its own digital currency, and tools for managing supply chains.
In addition, the platform uses a new type of distributed authentication (DID), which allows you to verify personal data and make payments using smart devices, the note says.
"Moreover, Monachain can increase the productivity of companies, as it provides a digital supply chain management system that increases the efficiency of the entire production process," said LG CNS representative.
Also, Monachain users can register a digital wallet and carry out financial transactions. Currently, LG CNS is negotiating with local banks to increase the audience of its digital currency.