Korea Times reported that named ‘Monachain’ by LG CNS, the enterprise blockchain platform will concentrate its usability on cryptocurrency, digital authentication, digital supply chain management. Monachain allows its customers to make their own digital currency wallets, a position that can see local governments issue local currency and welfare payments to end users on a blockchain LG CNS said. Also, the LG group arm displayed it is working relatively a communication of banking infrastructure with commercial banks that let them to run and distribute digital currency via blockchain platform.
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.
A decentralized identifier is used by Monachain in order to let measurable digital identity wherein users in the blockchain will be able to self-verify their identification information with the help of a smartphone before making a payment or remittance.
LG CNS first reported about the details of its first enterprise blockchain in middle of 2017. The platform is established on Corda, a permission distributed ledger software developed by global banking blockchain consortium led by New York-based industry company R3.