LG Monachain (blockchain platform)

2019: System implementation at schools for control of supply of food

On July 9, 2019 the LG CNS company entering into LG Group conglomerate announced creation a blockchain system for control of supply of the food which are admitted to schools. The technology began to be used already in some educational institutions to South Korea thanks to support of the regional authorities.

Created a new solution of LG CNS in cooperation with South Korean IT service provider of SayIT, using own LG Monachain blockchain platform which was started in May, 2018.

LG implements at schools a blockchain control system of deliveries of products for lunches

Thanks to this development the transparency of processes of deliveries to schools of agricultural products on the basis of which lunches for pupils prepare is provided. In a blockchain system any information on production of a product, processing, distribution, acquisition and consumption is stored. All data are open for schools, parents of school students, suppliers and producers.

Monachain provides the mechanism of digital authentication, offers own digital currency and tools for supply chain management.

The platform also supports the decentralized identifiers of the personality (DID) based on a blockchain which can be used for personal identification and implementation of online payments by means of mobile devices. Monachain also allows to create a digital purse and to perform various financial transactions.

In LG CNS say that the initiative is directed ​​ to helping parents to make a conscious choice concerning security of health of children.

Besides, the platform will support advertizing tools which will allow producers of food to advertize the goods to consumers.

LG CNS — not the beginner on a blockchain market. Earlier the company created the system intended for tracking and processing of the rechargeable batteries used in electric vehicles.^[1]

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