South Korea’s LG CNS Announces Launch Of Blockchain Powered Service ‘Monachain’

LG CNS, a subsidiary company of the South Korean multinational electronics company, LG Corporation recently announced the launch of its own blockchain-powered service called “Monachain.” LG CNS, known for supplying information technology services, has specifically designed the blockchain platform to make blockchain-based logistics in multiple fields including communication, manufacturing, and finance possible.

Monachain To Support Digital Authentication & Digital Currency Management

According to reports, Monachain’s major features will include a digital authentication system. It will serve as a digital currency, as well as a digital supply chain management tool. Lately, major cryptocurrency exchanges have been stressing identity verification to reduce the possibilities of crime in the crypto market. LG CNS has added a new type of identification system called decentralized identifier (DID) in Monachain. It will be used for verifying accounts when users are conducting online payments through their smart devices.

The blockchain-based platform from LG’s subsidiary allows the users to conduct their respective financial operations as well as open digital wallets. Recent news suggests that the company wants to tie-up with domestic banks so that the cryptocurrency business reaches wider population zone. LG CNS stated, “Monachain will help business owners boost productivity because the company will provide a digital supply chain management system which will enable suppliers to manage the whole production in a better way and more efficiently.”

Monachain Name Inspired By Vinci’s Legendary Painting

The term Monachain is a combination of “Mona” from “Mona Lisa,” the famous oil painting made by the Italian genius Leonardo da Vinci. In Greek, Mona is a synonym for queen, hence monarchy, which means Monachain can be translated as “queen of the blockchain.” LG CNS is known for providing information technology services including system integration, consulting, business process outsourcing, network integration, and information technology outsourcing.

The company has been trying hard to increase its involvement in the booming cryptocurrency and blockchain industries. The Seoul-based South Korean company recently entered into a series of partnerships with the leading companies from the information technology and finance sector. According to reports, LG CNS inked a deal with R3, the largest finance sector blockchain consortium in the world last year. The company is also participating in the well-known open-source blockchain- based project “Hyperledger,” in the first half of the current year.

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