The electronics giant LG has recently announced the launch of an enterprise blockchain platform on the behalf of its IT subsidiary.
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The platform can be applied in a number of sectors and is called ‘Monachain’ by LG CNS.
According to a Korea Times report, this platform will focus on the applicability of digital authentication, supply chain management, and digital currency. On top of that, Monachain will enable participants to create their own digital currency wallets which is a feature that can see local governments issue local currencies and welfare payments.
Further, the LG group also revealed that it is working towards a community banking infrastructure with major commercial banks – helping them issue and distribute digital currencies through a blockchain platform.
The company also added:
“Even further, 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.”
Monachain currently uses a decentralized identified that enables verifiable digital identities – while the participants in the blockchain will be able to verify their identity by themselves over a smartphone before making any payment or remittance.
The first enterprise blockchain has already bee announced by LG CNS in the mid-2017 – known as a platform based on Corda, a permission distributed ledger software that is developed by global banking blockchain consortium.
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