Blockchain Platform 'Monachain' Launched By Electronics Giant LG

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Blockchain Platform 'Monachain' Launched By Electronics Giant LG

Monachain's three core digital services are digital authentication, digital community currency, and digital supply chain management. It will be used for verifying accounts when users are conducting online payments through their smart devices.

For digital certification service, Monachain utilizes a decentralized identifier (DID) technology to provide a differentiated digital authentication service. With an worldwide standard distributed identification device (DID), users can identify themselves, make payments or transfer money using biometric information. "Related information is quickly shared with insurers and hospitals".

Sources have reported that LG CNS has developed their own Blockchain service called "Monachain". LG CNS is now in conversations with South Korean commercial banks to expand their digital currency to a larger audience.

The name Monachain was derived from "Mona Lisa", the famous oil painting by Leonardo da Vinci, as well as "blockchain", the company explained. "Mona" in Greek stands for "queen", thus giving "Monachain" the meaning "queen of blockchain".

Through digital supply chain management (SCM), interested parties will be able to share various information items such as trade information ranging from production to delivery transparently and quickly. The company hopes digital distributed chain management would be ideal for "shortening production time, maintaining proper inventory, and minimizing transportation errors".

South Korea's LG has been quite bullish on the blockchain since 2017. LG CNS will provide a blockchain platform for banks, and banks will be in charge of currency issuance and distribution. According to reports, LG CNS inked a deal with R3, the largest finance sector blockchain consortium in the world previous year. In addition, it is also a member of Open Blockchain Industry Association (OBCIA) and has plans to join the Linux Foundation's Hyperledger blockchain project as well. According to this thread submitted on May 13, 2018, Reddit user fakesteez mentioned that LG is "too goddamn late to contribute anything of value that hasn't been done, so they resort to copying other coins".

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