The global electronics provider LG announced the official release of their highly-anticipated enterprise blockchain platform dubbed Monachain. The platform’s name originates from Leonardo DaVinci’s classical masterpiece, the Mona Lisa. The name consists of Mona, meaning queen, and chain, representing the blockchain.
Monachain members get access to a vast array of blockchain services to streamline their business systems. The Monachain project first came to light in mid-2017 via a story published in Business Korea. Monachain provides businesses with access to a plethora of unique blockchain-based functionalities. While there are a growing number of distributed ledger platforms entering the sector, LG is notable as one of the largest contenders in the space.
LG’s IT subsidiary, LG CNS, is the development team behind this project. LG CNS entered the market in 1987. Since its inception, the group has worked in network integration, business process outsourcing, information technology outsourcing, and systems integration.
LG CNS made headlines when the team gained membership to the Open Blockchain Industry Association (OBCIA) last month. The OBCIA consists of some of the largest corporations in the world, including computer giants Microsoft, IBM, and the auto manufacturer Hyundai.
The Monachain platform incorporates many aspects of the distributed ledger platform Corda. Corda offers distributed ledger services, such as production management, to local businesses. The Corda concept was made possible through a strategic partnership with R3, the largest financial sector blockchain consortium in the world.
Taking clues and the valuable advice from lessons learned during the development of the Corda distributed ledger, LG CNS managed to create an in-house platform that can reduce many of the logistical pains suffered by businesses today. The Monachain platform includes digital authentication systems, digital currency issuance systems, and supply chain management protocols.
Digital Identification (DID)
One of Monachain’s unique features is the integration of a decentralized identifier (DID) protocol. The DID provides users with a digital identity that enables you to send funds and pay bills directly from your smart device.
Digital identities are required when dealing with traditional financial platforms. These platforms adhere to strict know your customer (KYC) and anti-money laundering (AML) guidelines. Users must prove their identity before they are permitted access to these platforms.
These secure platforms include the growing number of security tokens found in the market. Security tokens integrate KYC and AML laws directly into their protocol. Smart contracts require ID verification before tokens can transfer ownership. LG CNS gives their Monachain users the ability to utilize these services without the need for additional systems.
The DID protocol integrates advanced biometrics to prevent unauthorized access to users’ data. Biometric systems utilize special sensors to verify the identity of a person through personal traits that are unique to an individual. Your fingerprint, or iris, are two perfect examples of areas that biometric scanners can use to verify you are who you say you are.
Monachain’s DID system accommodates fingerprint scans, facial recognition, and voice recognition. It would be difficult for someone to hack one of these verifiers. It is nearly impossible to fool all three of these systems when they are in place and functioning correctly.
Another unique feature provided by Monachain is the ability to create a digital wallet with access to traditional financial services. Businesses interested in accepting digital currencies need a wallet to do so. Most enterprise level distributed ledger platforms include the ability to create a digital currency wallet, but very few provide access to traditional banking services.
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What makes Monachain’s crypto wallet unique when compared to other platforms is this ability to utilize traditional banking systems. The platform’s developers created several partnerships with local South Korean banks to make this feature available. These partnerships add confidence to local businesses interested in accepting cryptocurrency payments.
Digital Supply Chain Management
LG CNS also integrates blockchain supply management protocols directly into the Monachain platform. Blockchain technology is perfect for use in supply chain management. The technology allows businesses to monitor their production and distribution systems in real time, and without the need of third-parties.
Speaking to the Korea Times, developers explained how businesses could increase productivity with Monachain. The system allows companies to monitor the entire productions process in real-time. The computer giant IBM launched a blockchain-based large supply chain monitoring platform with great success earlier in the year. It now appears that LG wants in on this lucrative business sector.
Digital Currency Services
Monachain aims to offer digital currency services to the greater South Korean community. To accomplish this task, Monachain includes some government friendly features. Users can issue local currencies, as well as, complete welfare payments using the system. These services could streamline many of the South Korean government’s logistical woes by reducing the operating costs of service programs.
LG CNS Financial Center
Additionally, LG CNS opened a digital financial center in July. The center helps FinTech experts combine their efforts. LG CNS’ blockchain experience continues to expand, and their economic center is expected to have a staff of almost 200 by the end of this year.
LG CNS handles research into all future financial services including AI and robotic integration. The firm has four primary goals:
- Early implementation of latest technologies
- Restructuring the digital infrastructure to center on cloud storage and big data systems
- Further blockchain integration
- Support existing financial systems
Big Electronics Entering the Blockchain
LG isn’t alone in its blockchain ambitions. In April, the electronics manufacturer Samsung launched an enterprise blockchain platform called Nexledger. The platform will oversee South Korea’s shipping logistics in the coming year.
LG: Ready for Tomorrow
South Korea continues to be a hotbed for crypto activity in the region. LG’s latest move is sure to raise eyebrows in the crypto community. By focusing primarily on the South Korean market, LG CNS looks to control their home turf. Developers hope to expand the project once they see the results of their efforts play out in the South Korean markets.
Article fist appeared on Coincentral