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LG Electronics Steps Into the Blockchain Ecosystem

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Cointelegraph has reported that LG Corporation, a South Korean electronics company famous for smartphones, TVs and home appliances, has launched a blockchain service “Monachain” through its IT services branch, LG CNS. Monachain will introduce many features targeted at finance, communication and manufacturing sectors.

The new platform will include a virtual currency, virtual supply chain management tool and a decentralized identifier (DID) to authenticate users and process payments securely.

Even further, 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.

A digital wallet for virtual currency will also be opened by LG CNS once they strike a deal with one of South Korea’s banks. Earlier in February, Financial Supervisory Service (FSS) governor Choe Heung-sik announced that cryptocurrency transactions using real names were allowed in South Korea. However, exchanges needed to collaborate with banks before they could offer such services.

However, the very next month, the Ministry of Personnel Management noted that public officials were prohibited from dealing with or trading cryptocurrencies. Amid speculations that stricter rules would follow the decision, the South Korean government announced that the country was planning to lift its ban on ICOs. “The financial authorities have been talking to the country’s tax agency, justice ministry and other relevant government offices about a plan to allow ICOs in Korea when certain conditions are met,” said Choe.

On May 1st, the central bank Bank of Korea (BOK) published a report that detailed different ways to use blockchain and cryptocurrencies to make South Korea cashless by the year 2020. BOK was also planning to research more into cryptocurrencies by forming an organization that would look at its possible impact in the financial system. With LG’s latest development, South Korea still stands out as the crypto-friendly country that blockchain companies have been looking for.

Image Credit: Deposit Photos

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