A subsidiary of the South Korean electronic giant LG, announced that it will be launching a native and private blockchain platform known as ‘Monachain.’ The information has been released by the South Korean news outlet Yonhap News. In this way, this will be another important company entering to the blockchain market.
LG’s New Monachain Blockchain Network
A subsidiary of LG, known as LG CNS, will be launching its native blockchain network known as Monachain. The platform will be built for the enterprise to use it in many different fields, including finance, telecommunications, manufacturing, and public administration. Additionally, the blockchain will be have three main features including digital certification, digital community currency, and digital supply chain management.
According to the report, the digital certificate would allow users to verify their identity using personal and biometric information. The user will have a personal number that will be linked to his identity. Moreover, the certificate can be linked with other systems.
LG CNS, commented:
“When we pay for medical expenses at the hospital using the digital certificate of Monachain, we will be automatically billed for the insurance claim. Related information is quickly shared with insurers and hospitals”
The digital community currency will work by distributing welfare benefits and currency issuances from the government. The subsidiary explained that it will only provide community platform to banks, and that it will not be responsible for the actual distribution or issuances.
The platform will be based on Corda, a permission distributed software that has been developed by the global banking blockchain consortium known as R3.
The company explained:
“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 name Monachain has been taken from the famous oil painting by Leonardo da Vinci, known as ‘Mona Lisa.’ But the main difference with the painting is that the team has decided to combine it with the word Blockchain and create the Monachain network.