According to the latest report from Business Korea, LG’s information technology services subsidiary – LG CNS is planning to build South Korea’s first blockchain public platform, in a joint coordination with Korea Minting, Security Printing & ID Card Operating Corp. (KOMSCO). KOMSCO is basically a government-owned organization which works for printing of fiat banknotes, coins, stamps, passports and other government documents.
The report suggests that KOSMO is planning to issue digital gift certificates based on LG’s own Monachain blockchain platform. This project has also been under the consideration of all local government bodies in South Korea. The KOMSCO also plans to provide other key services like digital authentication and document certification services and community tokens.
Last month in May, LG CNS announced the launch of Monachain, its own blockchain solution aimed at services like digital authentication, digital supply chain management, and developing digital currency community besides others, as reported by local publication Korea Times. LG CNS in its statement noted:
“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,”
Hyun Shin-kyoon, CTO of LG CNS, was quoted as saying:
“We are going to focus on creating actual successful examples in various industries by launching Monachain.”
As reported by Business Korea, the “local currency service” will be a type of digital gift certificate or virtual currencies which can be stored in mobile devices like tablets and smartphones. with Monachain being a “multi-digital platform”, it can easily issue different types of digital gift certificates. Moreover, these digital gift certificates can also be also be distributed in coordination with the local governments or universities instead of building additional platforms.
Similarly, the “digital authentication service” will allow users to authenticate their identity using biometrics alone along with the personal identification number (PIN) or fingerprint on mobile devices. On the other hand, the “document certification service” will be used to accurately determine whether a document is forged or original.
In addition to this, LG CNS will be launching an anchoring service which connects data saved on outside blockchain platforms to the specific ones. Using the anchoring service, users will be able to save data from the other platforms to the KOMSCO’s blockchain platform. This allows users to check multiple platforms to see whether the documents are forged or not. The anchoring service also looks after the security constraints as all the information will be stored only after being encrypted.
LG CNS will be launching its Monachain blockchain platform as a cloud. Hence it will not be bounded by any sorts of limits on its utilization or scalability. to establish this platform at the earliest, LG CNS will be signing a formal contract with KOMSCO by the end of this month.
In another similar initiative aimed towards digitization of the business processes, Samsung SDS unveiled Nextfinance, a blockchain-based finance platform which will be powered using other emerging technologies like Artificial Intelligence (AI).