LG CNS, a division of the South Korean corporation LG, providing services in the field of information technology, has launched its own blockchain service.
Blocking platform LG CNS was named “Monachain” and is intended for providing services in finance, production and communications.
One of the main services of Monachain was the digital authentication system, supplemented with digital currency and tools for digital supply chain management. On the basis of “Monachain” a new type of identification is realized – the decentralized identifier (DID), which can be used to verify the identity and authorization of online payments through smart devices.
“Monachain” also allows users to open digital wallets and conduct financial transactions. According to Yonhap, LG CNS is negotiating with local banks to make the new service available to a wider audience.
“Monachain can help business owners improve efficiency with the help of the system to ensure efficient operation of all processes,” the company representative said.
The origin of the name for the new blockchain platforms has an interesting history. Monachain is a word that unites Mona Lisa, an oil painting created by the Italian master Leonardo da Vinci and a chain of blockchain technology. Also, the word mona means the queen in Greek. The company interprets this name, that Monachain means the queen of the blockchain.
The supplier of system integration is stepping up its efforts to use them in the rapidly developing blockchain technology and cryptocurrency industries. At the same time, the company enters into a number of partnerships with recognized world leaders in this sector.
In May 2017, LG CNS entered into an agreement with the R3 blockchain consortium, which currently has over 200 companies.