Electronics Giant LG Launches Own Blockchain Service

Electronics Giant LG Launches Own Blockchain Service

LG CNS, has recently launched “Monachain”, a blockchain powered service that is designed to enable blockchain based logistics within the areas of finance, communication, and manufacturing according to Yonhap News as reported on May 13.

Monachain provides an authentication system, digital currency, and a digital supply chain management tool.

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The news report states that the blockchain utilizes a new type of identification system. The system can be used for online payments and personal identification through smart devices. It also allows users to open a digital wallet and conduct financial transactions.

LG CNS is currently looking to strike a deal with domestic banks in order to bring digital currency business to a much wider audience.

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