LG CNS, a subsidiary of South Korean LG Corporation that supplies information technology services, has recently launched its own blockchain-powered service, local Yonhap News Agencyreports Sunday, May 13.

    LG CNS’ own blockchain platform “Monachain” has been designed to enable blockchain-based logistics in the fields of finance, manufacturing and communication, according to Yonhap.

    One of the main deployments of Monachain provides a digital authentication system, as well as a digital currency, and a digital supply chain management tool. As the local source reports, Monachain enables a new type of identification, a decentralized identifier (DID), that can be used for personal identification and online payments via smart devices.

    Monachain also allows users to open a digital wallet and conduct financial operations. According to the report, LG CNS is seeking agreement with domestic banks to bring its digital currency business to a wider audience.     A representative of LG CNS commented:

"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."

    In May 2017, LG CNS partnered with R3, a blockchain consortium made up of over 200 firms.