A subsidiary of the technological giant LG CNS, engaged in IT development, is launching its own blockchain platform. Monachain is a logistics blockchain platform for the financial sector of industrial and communication companies. This platform has its own digital currency, a supply management system and a digital identification system.
Also, the project differs from others in an innovative identification method using smart devices – DID. Thanks to this method, users can change and confirm their data, plus conduct money transfers.
The project has its own wallet for full control over monetary transactions. To spread its currency, the company is currently negotiating with banks at the local level.
Since Monachain helps manage supply chains, the project is able to automate all the organization’s processes and increase productivity. For LG CNS, this is not the first experience with blockchain projects, as last year they were already testing the financial platform from R3. This information was published by Yonhap News.