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South Korean LG to Release Its Blockchain Platform Soon

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The South Korean multinational LG becomes the latest mobile phone manufacturer that has decided to introduce blockchain technology within its system.

The announcement was made on 13th May via an official Press Release. The company is going to launch its own blockchain platform, called “Monachain”, that will be dedicated to a range of areas such as finance, manufacturing, public, communications, and others.

According to the Press Release, the blockchain project will provide new services such as “digital certification, digital supply chain management and digital community currency.” In addition to these features, the blockchain-based platform “Monachain” will offer users the ability to design their own digital wallets and manage several financial activities, according to Yonhap. In order to succeed in launching the platform, LG CNS, the project development subsidiary is looking for financial partners.

Through the launch of the Mona Chain, we will concentrate on creating successful cases in various industries including finance, telecommunications, and manufacturing,” explained Hyun Shin-Kyun, LG’s Chief Technology Officer.

The global trend

Is this a trend? Among the other multinational companies in the field of technology that have embraced blockchain technology lately, we find the Microsoft giant. It has recently launched its Coco platform and has accepted Bitcoin as payments within its Xbox and Windows Store. Facebook is another giant that has announced its intention to test the blockchain tech within the company’s operational management, just as Oracle has announced last days.

It seems that companies across the world have understood how blockchain technology works and what kind of benefits it can bring to organizational management.

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