LG CNS unveiled its vision to climb up a technology ladder to join who's whot list of global top 3 players in the blockchain market, while setting its sights on carving leadership in the domestic market.
On the way toward that goal, LG CNS plans to launch at least one blockchain-centric business project every month. On top of that, the system integrated company has a concrete plan to issue regional digital currencies in 20 local counties or provinces in a joint-project with Korean Minting and Security Printing Corporation.
At a 2019 Tech-Day held on June 19 at its headquarters building in Magok county, Seoul, Kim Ki Young, leader with its blockchain business project team, said, “LG CNS will explore expertise and knowhow of its 2,000-strong IT engineering team to the end.”
“In the past, we had joined the finance sector-dedicated R3 consortium to exploit the technology, but licensing the technology proves costly and it was extremely difficult to catch up with it. This helps explain why we have developed our own home grown MonaChain, “she stressed.
The MonaChain is a HyperLedger fabric-based blockchain technology, a very much business-dedicated blockchain technology aimed at allowing companies to create a variety of business services.
According to her, LG CNS is now pursuing more than 6 blockchain-related businesses. Adding new one every month, the company plans to have 12 blockchain projects under operation.
For example, LG CNS is working together with KB Kukmin Bank to build blockchain-based digital assets trading platform. The company is also working as an acting member of KISA-led Jeju Wasted Battery Distribution and Logistics History Tracking System Build-up Project.
LG CNS is circulating its own native cryptocurrencies Magok Pay and Magok Community Currency to allow its workforces at Magok Science and R&D town, a hub to LG Group’s R&D activities, to purchase services and products and pay the bills with these two native digital currencies.
LG CNS doesn’t have any plan to expand the two digital currencies beyond its community--based use cases, yet., having them just circulated among its labor forces.
The company will strengthen its tie-up with Korean Minting and Security Printing Corporation to have digital giveaway vouchers called as regional community-only-in-service currencies across 5 counties. The sort of currencies will be in service across 20 counties.