LG has announced that it has launched its own blockchain service called, Monachain. The service was launched through the company’s information technology service unit, LG CNS. Monachain will offer decentralized services, one of which will be a digital authentication and certification service. According to a company report, the name “Monachain” was derived from the ‘Mona Lisa’, and ‘blockchain’.

The platform was built using Corda, a distributed ledger that was developed by the R3 consortium. 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. Company Statement