LG NCS raises platform launch in Blockchain "Monachain"

The subsidiary LG CNS - of the LG Corporation of South Korea - plans to launch a service platform in Blockchain.

The report of the Yonhap News Agency highlights that the new development, entitled "Monachain", will allow the processing of logistics in the financial field, as well as in the areas of telecommunications and manufacturing.

The system will also be focused on providing authentication services, digital currency and tools to manage supply chains.

In turn, it will provide a unique decentralized digital identification system (DID), which will promote personal identification and online payment alternatives with smart devices.

A spokesperson for the company said the new system will also give the opportunity to create digital portfolios in cryptocurrencies and process financial transactions. In this regard, they also revealed that:

Monachain can help business owners increase productivity as the company provides a digital supply chain management system that enables suppliers to manage the entire production process efficiently.

Also, Hyun Shin-Kyun, director of the technology department of the South Korean subsidiary, added:

We developed an e-procurement platform based on the cloud and we used the prevention of forgery of electronic documents in the Blockchain. We plan to create an integrated authentication system and an electronic system to simplify documents. Likewise, we will create an agreement between national banks to present their efforts and achievements in the implementation of the digital virtual currency.

This development comes in the midst of a series of competitor launches in the financial and distribution fields.

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In this respect, the competing company Samsung also has its cards placed in the field of development in Blockchain, with its platform for monitoring shipments and transactions of figures in excess of thousands of dollars. This will allow a reduction in the time needed to send documents in both directions and coordination with port authorities.

Supporters of Blockchain technology argue that these advances will allow not only a reduction in documentation costs, in any integrated service, but an improvement in transaction times, leading the market to a more inclusive, fair and effective....