Published On: Wed, May 16th, 2018

South Korean Tech Giant LG to Launch its Own Blockchain Platform

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In an official press release, LG announced that it will be launching its blockchain-based platform called “Monachain”. It is supposed to have various application across a span of fields such as finance, public, manufacturing, communications, and others.
In a press release dated May 13th, LG CNS, a subsidiary of LG, announced that it will launch its own blockchain-based project with key functions such as digital certification, digital supply chain management, and digital community currency.

Going Blockchain
‘Monachain’, through its key features, aims to provide a digital currency, a digital certification system, as well as a tool for digital supply chain management. Yonhap also reports that the platform will enable users to open their very own digital wallets and to conduct different financial operations. To further this endeavor, LG CNS is reportedly seeking partnership and agreements with certain local banks as an attempt to widen its reach.
Speaking of the intentions behind the platform, Hyun Shin-Kyun, the company’s Chief Technology Officer (CTO), said:
 Through the launch of the Mona Chain, we will concentrate on creating successful cases in various industries including finance, telecommunications, and manufacturing.
An Obvious Trend
Alongside LG’s Monachain, we …

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