Cryptocurrency & Blockchain Business

LG CNS launches Monachain and partners with R3 blockchain consortium

LG CNS said it has launched its own blockchain service “Monachain,” the information technology service unit of LG Group announced Sunday.

The latest development is aimed at taking stakes in the lucrative blockchain-embedded logistics business sectors those related to finance, telecommunication and manufacturing. 

LG CNS said the in-house platform can be used in digital authentication, digital currency and digital supply chain management.

For digital certification service, for example, it said Monachain uses a decentralized identifier (DID), a new type of identifier intended for verifiable digital identity. With the DID system, Monachain users can easily identify themselves, transfer money or pay online with their smart device, said the company.

Monachain also enables users to create their own digital wallet and use financial services. The company is currently preparing for digital community currency business in cooperation with local banks.

“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,” the company said in a statement. 

Monachain is a word combining “Mona Lisa,” an oil painting created by Italian master Leonardo da Vinci and “chain” from the blockchain technology. Given the word mona means queen in Greek, the company added Monachain also means queen of blockchain.

The system integration supplier has been stepping up its efforts to ride on the booming blockchain and cryptocurrency industries, striking a series of partnerships with the world’s recognized leaders in this sector.

LG CNS said it has partnered with R3, the world’s largest finance sector blockchain consortium in May last year.

The firm also earned a membership of the Open Blockchain Industry Association (OBCIA) last month and will take part in “Hyperledger” within the first half of this year. “Hyperledger” is an open-source project and hub for developers to work on blockchain technologies. The project aims to become a platform across the financial, banking, internet of things, supply chain, manufacturing and technology industries.

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