LG enters the market blockchain services

According to local news Agency Yonhap Sunday, LG CNS, a subsidiary of the South Korean Corporation LG, which deals with services in the field of information technology, recently launched a new blockchain service.

According to Yonhap, a private blockchain platform LG CNS “Monachain” was designed to work in the field of Finance, production and communication.

One of the basic functions Monachain are: a system of digital authentication, digital currency, and the system of logistics management. Monachain allows you to use a new type of identification, decentralized identifier (DID), which can be used for personal identification and online payments through your smart device.

Monachain also allows users to open a digital wallet and conduct financial transactions. According to the report, LG CNS plans to enter into agreements with local banks to reach a wider audience.

In addition, Monachain can help business owners increase productivity, as the company provides management system digital supply chain that enables suppliers to effectively manage all production processes.