One of the biggest company in South Korea, LG CNS, launches its own blockchain service.
Its blockchain platform “Monachain” has been designed to enable blockchain-based logistics in the fields of finance, manufacturing and communication.
Characteristics of Monachain
- Authentication
- Payments
- Construction of financial network between domestic banks and audience
LG CNS describes Monachain can be applied a variety of areas including authentication, payments, and digital supply chain management (DSCM).
If the public verifies their identity and pay the medical expenses using Monachain platform, then claims will be automatically charged due to a series of course of information can be shared with the all agencies concerned immediately. Furthermore, Monachain is optimized for the use of issue of cryptocurrency and its circulation with the domestic banks. Lastly, its platform directly communicates with the public and civil society.
*Caution: Don be confused. Monachain is totally different from the Monacoin.