LG CNS, a unit of the South Korean Corporation LG providing services in the field of information technology, has launched its own blockchain-service, writes news Agency Yonhap.

Blockchain platform LG CNS has received the name “Monachain” and is intended for providing services in the field of Finance, production and communication.

One of the basic services “Monachain” was a system of digital authentication, the augmented digital currency and digital tools for supply chain management. On the basis of “Monachain” introduces a new type of identification – decentralized ID (DID), which can be used to confirm the identity and authorisation of online payments via smart devices.

“Monachain” also allows users to access digital wallets to conduct financial transactions. According to Yonhap, LG CNS is negotiating with local banks to provide access to the new service to a wider audience.

“”Monachain” can help business owners increase productivity using the system digital supply chain management, which enables suppliers to effectively manage all processes of production”, — said the representative of the company.

In may 2017 LG CNS signed an agreement with the blockchain-a consortium of R3, whose members today are more than 200 companies.