LG, popular worldwide for their consumer electronics is launching an Enterprise Blockchain platform called Monachain which can be used in multiple offline and online sectors, reported Cryto News.
Monachain was developed by the Blockchain department in LG’s IT subsidiary CNS. Their initial focus is to use Blockchain for common problems like logistics, supply chain management and digital authentication.
The company also claims with Monachain, users will be able to create their own wallet to use multiple financial services. Monachain also uses a decentralised identifier to identify users securely for financial transactions.
LG has also partnered with R3, the world’s largest finance sector Blockchain consortium in May last year. CNS has also joined the Open Blockchain Industry Association (OBCIA) last month.
LG initially announced their Blockchain ambitions back in June, 2017. Monachain is based out of Corda, an open source distributed ledger platform.
This is not the first time an electronics company has announced a blockchain product. In fact, Samsung successfully piloted Blockchain tech for South Korea’s shipping and logistics sector last year.
