LG CNS, an IT services subsidiary for the electronics giant LG has recently launched its own blockchain platform, according to local news sources. The service is aimed at enterprise clients and can be used by companies from a variety of industries, including finance, public services, manufacturing, and telecommunications.
The platform, dubbed ‘Monachain’ has been reportedly designed to focus on traditional issues that are now solved by implementing blockchain technology – digital ID verification and supply chain management. Monachain will feature a new type of decentralized identification that will be used for online payments and money transfers among other things.
The platform will also enable its users to create virtual currency wallets, a feature that can significantly ease the burden on local governments, as they will be able to quickly issue welfare and other payments to the recipients via blockchain. Further down the road, the company plans to cooperate with commercial banks and work towards a joint banking infrastructure, enabling them to distribute digital currency through the blockchain network.
According to the official statement, “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.“
Managing the supply chain via the distributed ledger technology has been widely implemented and looks like one of the sectors, where companies worldwide are now starting to realize the enormous potential of blockchain. Another electronics giant Samsung has announced its plans to use blockchain for its global supply chain, which would result in cutting costs by around 20%, which is billions in the case of such an enormous company.
LG CNS has first announced the partnership with US-based blockchain consortium R3 in mid-2017 and it took both parties almost a year to deliver a finished product to the market. Monachain is built on Corda, a distributed ledger software, developed by R3.
LG CNS has also been in talks with local banks to offer them its community token for distribution. The company currently has a team of 50 people working exclusively on blockchain and plans to double that number as the Monachain advances past its launch stage.
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