The South Korean electronics company, LG, launches Monachain. It is the company’s own blockchain and digital currency service whose aim is to help companies in terms of finances, logistics, and manufacturing.
According to reports, Monachain enables its users to create a digital wallet that they can use for financial services. Additional features include systems for communications and manufacturing via the blockchain.
Since it will offer a new way of managing money, the company is currently preparing to cooperate with local banks.
The IT service unit of LG, LG CNS, will handle the technology’s launch.
“Monachain can help business owners boost productivity as the company provides a digital supply chain management system that enables suppliers to manage the entire production processing efficiently,” – LG
The Monachain blockchain is interoperable across several services. It can also let its clients have the ability to use their devices to make payments, send wire transfers, authenticate using a PIN, fingerprint, or other biometrics.
It is previously reported that another Korean electronics giant, Samsung, is eyeing the blockchain for its global supply chain. According to its Blockchain Chief and Vice President, Mr. Song Kwang-woo, using the blockchain can help them cut costs for up to 20%.