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E-invoicing, SCF & E-procurement

LG subsidiary opts for blockchain platform

Tuesday 15 May 2018 | 10:20 AM CET

LG CNS, the IT subsidiary of South Korean electronics company LG, has developed their own blockchain service called Monachan.

Among the primary purposes of Monachan is to streamline the financial, manufacturing and communication services of the industries. Moreover, the platform allows a digital authentication system and focuses on a couple of key areas, such as digital certification, digital community currency, digital supply chain management.

The digital community currency enables the issuance of the local currency, whereas digital supply chain management is useful for data communication involved in the supply chain. The company stated that the blockchain service is meant to contribute to shortening production time, maintaining proper inventory, and minimizing transportation errors.

More: Link
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