Various technology companies around the world have begun experimenting with blockchain technology. LG is the latest big name to join this list, although it will not be the last by any means. Its new blockchain service, known as Monachain, is well worth paying attention to. Whether or not it will be successful in the long run is a different matter altogether.
The Idea Behind Monachain
One has to commend LG for venturing into the blockchain industry. The technology giant is looking to enter this completely new market by providing blockchain services to people and companies all over the world. It is mainly designed to enable blockchain-based logistics within the areas of finance, communication, and manufacturing. It is not the only project trying to make inroads in this regard, but the fact that LG is behind it might give it a competitive advantage.
To make its new blockchain venture stand out, LG had to offer some unique functionality. First of all, there is a digital certification feature, which will undoubtedly get a lot of attention. There is a growing demand for recording data on distributed ledgers, and certification efforts will play an important role in this regard. This aspect relies on biometric
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