South Korean electronics giant LG is launching its own blockchain-powered service through one of its subsidiary called LG CNS reported local news outlet Korea Times.

The blockchain platform has been named ‘Monachain’ with the purpose of digital certification and digital management of global deliveries of LG products. A decentralized identifier (DID) will be used on the netwok, which allows Monachain users to identify themselves, do payments online or transfer money to others. If this would not be enough, Monachain enables the creation of a digital wallets that supports known cryptocurrencies. Reportedly the company is already in cooperation with local banks to dive even deeper into the cryptocurrency business. LG’s subsidiary has partnered with R3 back in 2017, which is one of the leading blockchain consortiums in the current blockchain related finance sector. LG CNS was founded in 1987, with the main purpose of IT consultancy and integration of IT systems. Besides blockchain solutions the company is working with artificial intelligence and cloud-based solutions as well.

LG is not the only tech giant stepping in the blockchain game. Samsung’s system integrated affiliate Samsung SDS has also released digital ID and payment services based on its own blockchain technology just recently.