LG CNS, the IT services subsidiary of LG Group, has bagged a contract from the Korea Minting, Security Printing & ID Card Operating Corporation (KOMSCO) to set up what will become the first public blockchain system in South Korea. KOMSCO plans to use LG CNS’s Monachain to issue digital gift certificates, which are currently being reviewed by all of Korea’s local governments.
KOMSCO, the state-owned company that prints and mints banknotes and other documents, made its decision on Sunday. Last month, LG CNS announced it would launch its own blockchain solution called Monachain, which can be applied for developing digital community currency, digital authentication, and digital supply chain management, among others. Even though it is not live yet, Monachain has already garnered interest. KOMSCO wants to offer solutions like community tokens, digital authentication, and document certification services to those using the platform.
The digital gift certificates will be released via Monachain’s community currency solution, which refers to a type of token that can be purchased and stored in crypto wallets on smartphones or computers. The platform allows the issuance of various types of digital gift certificates.
Digital authentication is another key solution. It lets users authenticate their ID via biometrics such as a personal identification number or a fingerprint on smartphones.
The third key service, document certification, allows users to determine if a document is original or falsified. Individuals and companies working with paper documents can use the platform to share files without worrying about forgery issues.
The KOMSCO blockchain system will combine LG CNS’s Monachain and a cloud service provided through LG G-Cloud system.
LG CNS will sign the deal with KOMSCO by the end of June and focus on the platform setup. The IT company wants to use the occasion to offer blockchain solutions in the public sector.
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