LG the electronics giant announced the launch of “Monachain”, their in-house blockchain. The company plans to use the service for digital authentication, digital currency, and digital supply chain management according to Korea Times.
The plan is to target the service at enterprise clients, particularly in the finance, public, telecoms, and manufacturing sectors.
LG CNS, the software subsidiary, is planning to deploy it for digital identity to enable money transfers and payment. Users will be able to create their own digital wallet. The company is talking to banks about a community token which the banks would administer.
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