LG CNS, the IT services subsidiary of South Korea’s LG Corporation, announced on Sunday the launch of a blockchain service solution called Monachain. The platform is designed to provide solutions in the finance, telecommunication, and manufacturing sectors. The in-house system may be used for digital authentication, digital supply chain management, and digital community currency, the company said.
For digital certification purposes, Monachain applies a decentralized identifier (DID), which allows users to identify themselves, send or receive funds, and pay online. Users can also utilize the platform to create digital wallets and use financial services.
“Monachain can 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,” LG CNS also noted in its statement.
The name of the blockchain service derives from the combination of “Mona Lisa,” the best-known painting by legendary Italian artist Leonardo da Vinci, and “chain” from blockchain. There is a dual interpretation of the title as “mona” means queen in Greek, and LG CNS believes Monachain could become the queen of blockchain.
Hyun Shin-kyoon, CTO of LG CNS, was reported as saying:
“We are going to focus on creating actual successful examples in various industries by launching Monachain.”
LG CNS announced it had become part of R3, a leading blockchain consortium that includes banking giants such as Wells Fargo (NYSE:WFC), BNP Paribas (PA:BNPP), Goldman Sachs (NYSE:GS), Credit Suisse (SIX:CSGN), BBVA (MC:BBVA), JPMorgan (NYSE:JPM), and Barclays (LON:BARC).
In April, LG CNS joined the Open Blockchain Industry Association (OBCIA) and currently expects to become a member of Hyperledger by the end of this quarter. Hyperledger is an open-source blockchain project that focuses on sectors like banking and finance, supply chain, technology, and manufacturing. It was launched two years ago by the Linux Foundation, and its members include IBM (NYSE:IBM), Daimler, JPMorgan, Cisco, Airbus, and American Express (NYSE:AXP).
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