A subsidiary company LG has launched a blockchain-based platform for logistics

LG CNS, a subsidiary of the South Korean Corporation LG has launched its own service on the basis of the blockchain.

According to local source Yonhap News Agency, a blockchain platform developed by LG CNS Monachain for the modernization of the logistics sector in the fields of Finance, industry and communications. Monachain implementing a system of digital authentication that uses a private digital currency and tools for supply chain management.

The platform also supports based blockchain decentralized IDs (DID) that can be used for personal identification and online payments through your smart device. Monachain also allows users to create a digital wallet and to carry out financial transactions.

According to representatives of LG CNS, the company seeks to cooperate with local banks to get their associated with the digital currency business to a wider audience.

«Among other things, Monachain can help business owners increase productivity, as the company provides management system digital supply chain that enables suppliers to effectively manage all production processing,» reads the product description.

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