​LG's IT wing launches blockchain service for corporate businesses

SEOUL -- LG CNS, an information technology unit of South Korea's LG group, launched a blockchain platform service for corporate businesses which would digitally authenticate, track supplies and help the management of supply chains in industries such as logistics, finance, communications and manufacturing.

Because of its secure, decentralized information handling characteristics and its ability to efficiently track and manage the quality and quantity of supplies in real-time, blockchain is recognized as key technology especially in the field of logistics and finance.

LG CNS said in a statement that its new blockchain service, "Monachain", has three key features -- a digital authentication system, digital currency and digital supply chain management tools. The company will focus on the successful application of Monachain in finance, manufacturing, public and other sectors.

Monachain using a decentralized identifier (DID) provides an easy connection with other related service platforms. DID uses postal index number (PIN) and other biometrics such as fingerprints and iris patterns to identify users.

"When a patient pays for a bill at a hospital, an insurance claim will be automatically requested. It's because related information is immediately shared throughout a system," LG CNS said, adding it would try to link its service with local financial services to issue and distribute digital currency.

In a bid to beef up its blockchain capability, LG CNS has established a team of 50 blockchain specialists under its chief technology officer. The company promised to double the team's manpower and join Hyperledger, a global blockchain development project operated by Linux Foundation later this year.
Park Sae-jin Reporter swatchsjp@ajunews.com

Park Sae-jin swatchsjp@ajunews.com

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