LG Launched its Enterprise Blockchain Platform ‘Monachain’

Enabling Blockchain Logistics in Finance, Manufacturing and Communication

The Platform Will Help Business Owners Boost Productivity

The IT subsidiary of electronics giant LG has launched its enterprise blockchain platform that can be applied in a number of sectors.

LG Launched its Enterprise Blockchain Platform 'Monachain'As reported by Korea Times, LG CNS’ own blockchain platform ‘Monachain’ has been designed to enable blockchain-based logistics in the fields of finance, manufacturing and communication.

This in-house enterprise blockchain platform will focus its applicability in digital authentication, digital supply chain management, and digital currency.

The company stated that Monachain could 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.

Monachain uses a decentralized identifier to enable verifiable digital identity wherein participants in the blockchain will be able to self-verify their identity over a smartphone before making a payment or remittance. It also enables participants to create their own digital currency wallets, a feature that can see local governments issue local currency and welfare payments to end users on a blockchain.”

The LG group arm revealed it is working toward a community banking infrastructure with commercial banks, enabling them to issue and distribute digital currency through a blockchain platform.

The company first announced details of its first enterprise blockchain in mid-2017. The platform is based on Corda, a permission distributed ledger software developed by global banking blockchain consortium led by New York-based industry firm R3.

Hyun Shin-kyun, director of technology for the company, said: “We develop a cloud-based e-procurement platform and use block prevention of counterfeiting of electronic documents. We create an integrated authentication system and an electronic system for simplifying documents. By launching the Monachain system, we will focus on creating opportunities and using it in various industries, such as finance, telecommunications, and manufacturing.”

Samsung Wants Into Blockchain Game

Samsung will use blockchain technology to manage the company’s global mailing network, just as the LG group intends to do. Samsung Electronics is considering introducing a blockchain accounting system to improve global shipment tracking worth tens of billions of dollars annually.

The system can reduce shipping costs by up to 20 percent, said Samsung analysts.

In February South Korea started to change it’s opinion on blockchain technology and cryptocurrency trading. The governor of the Financial Supervisory Service, Choe Heung-sik, then said the government “will support cryptocurrency trading if normal transactions are made,” and added that the government will “encourage” banks to work with cryptocurrency exchanges. The remarks by Heung-sik, were seen as being in a very much of a contrast to the government’s previous stance that it could consider shutting down local virtual currency exchanges.

Teuta Franjkovic

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