LG CNS Teams Up with KOMSCO To Establish South Korea’s First Public Blockchain
LG Group’s IT service subsidiary LG CNS has recently signed a contract with the Korea Minting, Security Printing & ID Card Operating Corporation (KOMSCO) to establish South Korea’s first public blockchain system. As a part of this agreement, KOMSCA will be using LG's recently unveiled enterprise blockchain solution Monachain to issue digital certificates, a project that is currently been reviewed by all the local governments in South Korea.
KOMSCO is the state-owned subsidiary of the Korean government and is involved with the printing of fiat banknotes, coins, stamps, passports and other government documents. The agency is looking forward to expanding and providing other key services like issuance of community tokens along with the digital authentication of the public and the document certification on the blockchain platform.
As reported by Business Korea, KOMSCO will make use of the Monachain blockchain solution which can cater to its requirements of developing digital community currency, digital authentication, and digital supply chain management, besides other things. LG is looking forward to implementing the Monachain solution on the cloud which gives the company the flexibility to expand as per the consumer involvement.
KOMSCO is planning to launch three key services using the Monachain. The first is “Local currency Service” which is a type of digital gift certificate. This is nothing but a type of virtual currency that can be put in digital wallets like smartphones, tablets and other mobile devices. Another advantage of Monachain is that it is a multi-digital platform, meaning it can issue several different types of digital gift certificates. This will help to issues a large variety of certificates while working in coordination with universities and local governments.
The second is the “Digital Authentication Service” using which users can authenticate their identity just with the help of biometrics which includes the personal identification number (PIN) or fingerprint on mobile devices. The third is the “Document Certification Service” to determine the authenticity of the document and check whether it is original or forged.
Over and above all these, LG CNS will also be offering anchoring service to connect the saved data outside the blockchain platforms to the specific ones. this anchoring service will let users save data from the other platform to the KOMSCO’s public blockchain platform. This helps users to check multiple platforms to determine the authenticity of the data.
LG CNS and KOMSCO will be signing an official contract by the end of this month to begin the work on this project. LG CNS looks forward to establishing a strong foothold in public blockchain platforms through its unique solutions.