Today it was revealed that tech giant LG’s tech subsidiary, LG CNS, is planning a food traceability blockchain. In partnership with SayIT, a Korean IT service provider, the platform will provide traceability information on food served at school canteens.
According to ZDNet, the information on the food’s production, processing, distribution, acquisition, and consumption will be stored on a public blockchain. It will enable parents and carers to check on what their children are eating at school, for their health and food sustainability.
LG CNS and SayIt plan to monetize the blockchain by allowing food producers to promote their products. There’s a suggestion that firms could send online ‘mobile flyers’ to users of the platform.
It will run on the tech firm’s dedicated blockchain, Monachain, launched last May. The platform is based on HyperLedger Fabric, with which LG CNS announced a collaboration.
Back in 2017, it partnered with R3. But according to Korean site BChain, Kim Ki Young, the LG CNS blockchain project lead explained “In the past, we had joined the finance sector-dedicated R3 consortium to exploit the technology, but licensing the technology proves costly and it was extremely difficult to catch up with it. This helps explain why we have developed our own homegrown Monachain.”
The Monachain platform was developed for use in authentication, digital identities, and supply chain management. LG CNS plans to release a blockchain project each month.
Last year LG developed the first public blockchain platform in its native Korea for KOMSCO, a currency minting and security printing firm. The aim was to issue digital vouchers or community currencies for use on campus or for local government services.
In a separate partnership with KB Kookmin Bank, it is working on the Magok Community Currency Platform. This is a blockchain-based payment system which is currently being used in-house and will be extended to the local science park.
LG CNS has also developed a traceability blockchain for electric car batteries. Knowing how much battery life is left and its history allows for more efficient recycling.
Sister companies within the LG group are also on the governance council of blockchain initiative Klaytn, by Korean messaging firm Kakao.