Monachain is LG’s New Enterprise Blockchian Platform
According to the latest reports from The Korea Times, LG CNS – an IT subsidiary of the LG Group has launched its own in-house enterprise blockchain platform dubbed Monachain.
Monaghan focuses on its utility in different sectors like digital authentication, digital currency and digital supply chain management. It will also allow participants to create their own digital currency wallets in order to receive local currencies from the local government and well helping the government to issue welfare payments to the end user.
In a statement, the company said: 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 blockchain platform also makes use of a decentralized identifier in order to create a verifiable digital identity by allowing participants of the blockchain to self-verify their identity through a smartphone before making any sort of transaction or remittance.
The blockchain platform is based on Corda, which is a permission distributed ledger software that is developed by global banking blockchain consortium R3.