On June 10, LG CNS (an IT service provider operating under LG Group) was granted an order to build a blockchain platform for the public sector that will be used to issue digital gift certificates in South Korea. According to Business Korea, this is “the first public [sector] blockchain platform in South Korea.” The order came from the Korea Minting, Security Printing & ID Card Operating Corp. (KOMSCO)
KOMSCO is Hoping to Make Use of All LG’s ‘Monachain’ Has to Offer
The new blockchain, which is based on LG CNS’s issue digital gift certificates based on Monachain, LG CNS’s own blockchain. Monachain was launched in mid-May of this year and can be used for digital authentication, supply chain management, creating community cryptocurrencies, and document certification. Along with digital gift certificates, KOMSCO is reportedly interested in employing the other services that Monachain has to offer, but no official plans have been announced yet.
The digital gift certificates will be created launched through Monachain’s community cryptocurrency platform. “A variety of digital gift certificates can be distributed in cooperation with local governments and universities without building additional platforms,” reads a report from Business Korea.
Business Korea also reported that LG CNS is also offering an “anchoring” service that combines its blockchain database with cloud storage, enabling users to save their data from other services onto the KOMSCO blockchain. This makes it possible for users to verify documents through multiple platforms at once.
LG CNS Further Establishes Itself in the Blockchain Industry
LG CNS and KOMSCO will sign a formal contract to seal the deal at the end of June. Business Korea reported that this is part of a larger effort by LG CNS “to strengthen its position as a blockchain platform service provider in the public sector through the project.”
The announcement comes several weeks after LG CNS launched a partnership with R3, one of the “world’s largest financial blockchain consortium.” Together, the two companies are reportedly planning to create a blockchain ecosystem in conjunction with South Korean blockchain startups.