LG Electronic Builds "Monachain" Blockchain

LG Launches Its Own Blockchain Service

LG Electronic Builds "Monachain" Blockchain

According to Yonhap News, Monachain's core digital services include a digital currency, a digital supply chain management tool and a digital certification system.

As per the report, the digital certificate serves to verify a user's identity using personal or biometric information, using a personal identification number (PIN) of a personal portable device or a fingerprint respectively.

LG CNS was founded in 1987, and since has been providing services related to Information Technology, like consultations, System and Network integrations, Business Process Outsourcing and so on. It has developed a new identification system, a decentralized identifier, enabling personal identification as well as online smart device payments.

As mentioned in The Korea Times, the term Monachain is derived from the two words "Mona Lisa", a painting from renowned Italian painter Leonardo da Vinci and "chain" from blockchain. "Mona" in Greek stands for "queen", thus giving "Monachain" the meaning "queen of blockchain".

South Korea-based electronics giant, LG, is one of the fewest to have hit several milestones within its respective industry. Using Monachain, users would also be able to create their own digital wallet and use financial services. Currently, the company is preparing its digital community currency business with local commercial banks. However, LG CNS made clear that it only provides community platform to banks, and not be responsible for the actual distribution or issuances.

Finally, the Digital Supply Chain Management function handles integral functions of an industry's supply chain, from product production to customer delivery to each stakeholder. The company stated it will be beneficial in "shortening production time, maintaining proper inventory, and minimizing transportation errors".

Last year, the company joined the R3 blockchain consortium. They recently joined in April 2018, and will also participate in the Linux Foundation's open-source project hub called Hyperledger.

LG CNS entered the blockchain business in earnest after launching its own blockchain platform, Monachain. 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".

Latest News