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LG launches own blockchain service

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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.

Additionally, they have plans on the supply chain side. “Even further, Monachain can help business owners boost productivity as the company provides a digital supply chain management system that enables suppliers to manage the entire production processing efficiently,” the company said in a statement.

The company has been working with R3, so presumably, Monachain is Corda based. They also are planning to become a member of the Linux Hyperledger consortium in the coming months.