LG CNS, a subsidiary of the South Korean Corporation LG has launched its own blockchain-service. It is reported by local news Agency Yonhap.

Blockchain platform LG CNS has received the name “Monachain” and is designed to provide logistic services in the field of Finance, industry and communication.

One of the main solutions Monachain was the creation of a system of digital authentication and digital currency and tools for digital supply chain management.

According to the Agency, Monachain uses a new kind of decentralized identification (DID) that can be used to confirm the identity and online payments using smart devices.

In addition Monachain will allow users to access digital wallets to conduct financial transactions. It is reported that LG CNS is negotiating with local banks to provide access to the service to a wider audience.

“Monachain able to help business owners increase productivity of their companies with the system digital supply chain management that increase the efficiency of the entire production process”, — said the representative of LG CNS.

Recall that in may 2017, LG CNS has joined blockchain to a consortium of R3 consisting of more than 200 companies, including Russian banks Alfa Bank and SBI Bank LLC.