2018-05-13 S. Korean Media: Electronics Giant LG Launches Own Blockchain Service

[Crypto_Hot_News]

S. Korean Media: Electronics Giant LG Launches Own Blockchain Service ‘Monachain'

PG CNS, a subsidiary of South Korean LG Corporation that supplies information technology services, has recently launched its own blockchain-powered service, local Yonhap News Agency reports Sunday, May 13.

LG CNS’ own blockchain platform “Monachain” has been designed to enable blockchain-based logistics in the fields of finance, manufacturing and communication, according to Yonhap.
One of the main deployments of Monachain provides a digital authentication system, as well as a digital currency, and a digital supply chain management tool. As the local source reports, Monachain enables a new type of identification, a decentralized identifier (DID), that can be used for personal identification and online payments via smart devices.
Monachain also allows users to open a digital wallet and conduct financial operations. According to the report, LG CNS is seeking agreement with domestic banks to bring its digital currency business to a wider audience. A representative of LG CNS commented:
"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."

Source: https://cointelegraph.com/news/s-korean-media-electronics-giant-lg-launches-own-blockchain-service-monachain#

[dE_logics]

More corporate blockchains are coming... As blockchain permeates the enterprise and is more widely understood, hopefully it will increase trust in cryptocurrencies as stores of value and mediums of exchange.

[danilic]

S. Korean Media: Electronics Giant LG Launches Own Blockchain Service ‘Monachain'

PG CNS, a subsidiary of South Korean LG Corporation that supplies information technology services, has recently launched its own blockchain-powered service, local Yonhap News Agency reports Sunday, May 13.

LG CNS’ own blockchain platform “Monachain” has been designed to enable blockchain-based logistics in the fields of finance, manufacturing and communication, according to Yonhap.
One of the main deployments of Monachain provides a digital authentication system, as well as a digital currency, and a digital supply chain management tool. As the local source reports, Monachain enables a new type of identification, a decentralized identifier (DID), that can be used for personal identification and online payments via smart devices.
Monachain also allows users to open a digital wallet and conduct financial operations. According to the report, LG CNS is seeking agreement with domestic banks to bring its digital currency business to a wider audience. A representative of LG CNS commented:
"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."

Source: https://cointelegraph.com/news/s-korean-media-electronics-giant-lg-launches-own-blockchain-service-monachain#

Thank you very much for this interesting news! I agree that corporate blockchains will develop rapidly and it will impact on different industries. By the way, does their rival Samsung have the similar project?

[SaintGraal]

The blockchain is indeed penetrating all the fields of our life. Maersk, Carrefour, Facebook, now LG (btw, the former security top manager of LG launched its own project Bitclave in the privacy field) - all the giants are trying to implement it somehow.