LG CNS entered the blockchain business in earnest after launching its own blockchain platform, Monachain.
According to LG CNS on May 13, Monachain is an enterprise blockchain platform that can be applied to all industrial areas including finance, the public sector, telecommunications and manufacturing. Monachain's three core digital services are digital authentication, digital community currency, and digital supply chain management.
The platform is very convenient for users as they can use personal authentication, remittance, and payment on their personal mobile devices with bio information such as personal identification numbers or fingerprints.
Customer-oriented services are also possible for business operators. For example, in the past, a user received insurance money only after receiving a certificate from the hospital and submitting the certificate to the insurance company. But in the Monachain environment, the user can automatically receive insurance money in the hospital after paying medical expenses in the hospital. This is because information related to insurance claims is quickly shared with interested parties such as insurers and hospitals.
Digital community currencies provide functions to create digital wallets and issue digital gift certificates to personal mobile devices based on digital certification. Currently, LG CNS is preparing the community currency business with nationwide commercial banks. LG CNS will provide a blockchain platform for banks, and banks will be in charge of currency issuance and distribution. The service is optimized for local governments’ issuing local currencies and giving welfare benefits, LG CNS explains.
Through digital supply chain management (SCM), interested parties will be able to share various information items such as trade information ranging from production to delivery transparently and quickly. Therefore, it is expected that the new solution will shorten production time, maintain inventories at a proper level, minimize errors in transportation, and prune costs among others.