South Korea’s ‘First Public Blockchain Platform’ to be Launched by LG

LG CNS, the IT subsidiary of electronics giant LG, has been chosen by South Korea’s Minting corporation to launch a blockchain platform for the public sector to offer a series of services such as issuing a community token to the public.

On Sunday, LG CNS won the order from the Korea Minting, Security Printing & ID Card Operating Corp (KOMSCO) to create and launch the first blockchain platform in the country for the masses.

KOMSCO, the Korean government-owned corporation that prints and mints fiat banknotes, coins, stamps, passports and other government documents, is targeting a list of services such as the release of a community token, digital authentication for the public and document certification via the open blockchain platform that will be created over the cloud.

The blockchain will be established on top of LG’s enterprise blockchain platform ‘Monachain’. The in-house platform which was introduced in May specializes in digital currency. The blockchain platform makes it possible for participants to develop their individual digital currency wallets. According to LG CNS officials, this feature would help the local government to release welfare payments and release local currency to end users over the blockchain.

Additionally, KOMSCO is set to launch a ‘digital authentication service’ to permit users to immediately authenticate their identity via biometrics over a smartphone. In all likelihood, this feature will assist the public register and access services in a faster, seamless manner.

LG CNS is also developing a series of ‘document certification services’ with KOMSCO to correctly tell if a document is fake or original.” Those who manage mainly paper documents can draw up, register, send and shred documents without forgery problems,” the report added.