LG, Government Mint to Launch South Korea’s ‘First Public Blockchain Platform’

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LG, Government Mint to Launch South Korea’s ‘First Public Blockchain Platform’

LG, Government Mint to Launch South Korea’s ‘First Public Blockchain Platform’


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LG CNS, the IT subsidiary of electronics large LG, has been handpicked by South Korea’s minting company to set up a blockchain platform for the general public sector to present a lot of companies together with issuing a group token to the lots.

As reported by Business Korea, LG CNS gained the order from the Korea Minting, Security Printing & ID Card Operating Corp (KOMSCO) on Sunday to develop and launch the nation’s first blockchain platform for the broader public.

KOMSCO, the Korean government-owned company that prints and mints fiat banknotes, cash, stamps, passports and different authorities paperwork, is eyeing a lot of key companies together with the issuance of a group token, digital authentication for the general public and doc certification over the open blockchain platform that will probably be established over the cloud.

Issuing Digital Currency?

The blockchain will probably be constructed on high of LG’s enterprise blockchain platform ‘Monachain’. Launched in May, the in-house platform focuses on digital authentication, digital provide chain administration and, notably, digital foreign money. As reported by CLC, Monachain permits its individuals to create their very own digital foreign money wallets. This characteristic, LG CNS officers mentioned on the time of launch, would allow native governments to problem welfare funds and problem native foreign money to finish customers over the blockchain.

According to the Business Korea report, KOMSCO plans to problem these group tokens in a mess of ‘digital gift certificates [that] can be distributed in cooperation with local governments and universities’ straight into customers’ digital wallets.

Authentication and Document Certification

Further, KOMSCO can also be planning to unveil a ‘digital authentication service’ to permit customers to immediately authenticate their id via biometrics over a smartphone. Presumably, this characteristic will assist the general public sign-up for and entry companies in a fast, seamless method. In an identical blockchain-powered effort unveiled this week, a nationwide banking group representing Korea’s business banks may have the means to use a blockchain-based buyer ID verification platform subsequent month.

LG CNS can also be engaged on a variety of ‘document certification services’ with KOMSCO to precisely decide whether or not or not a doc is authentic or cast. “Those who manage mainly paper documents can draw up, register, send and shred documents without forgery problems,” the report added.

The LG subsidiary will reportedly signal a proper contract with KOMSCO close to the top of June earlier than starting work on the event and the launch of the platform.

Featured picture from Shutterstock.

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