05-13-2018: LG Launches Blockchain Service ‘Monachain’

Ripple has announced the results of its first pilot for xRapid — the company’s business solution for payment providers and financial institutions looking to expand their reaches into new markets with increased scale, speed, and cost efficiency.  Ripple claims positive results, stating “For payments in the critical remittance corridor between the U.S. and Mexico, financial institutions using xRapid saw a savings of 40-70 percent compared to what they normally pay foreign exchange brokers. An average xRapid payment took just over two minutes, compared to today’s average of two to three days when sending cross-border payments. The portion of the transfer that relies on the XRP Ledger takes two to three seconds, with the additional processing time attributed to movement across the intermediary digital asset exchanges and local payment rails“ (Bitcoinist).

In an interview with CNBC, Steve Chiavarone, VP at financial services firm Federated Investors, commented on blockchain calling the technology an “economic growth driver” and listing it among five “key technologies” that he believes will “drive this next industrial revolution” (CNBC).

Since leaving her role as the blockchain lead at JP Morgan last month, Amber Baldet has been tight-lipped on the new company she plans to launch. Still, her presentation at Ethereal Summit Friday, hosted by ethereum startup incubator ConsenSys, hinted at what the new endeavor might entail. There, Baldet criticized the tribalism that can occur between builders of open blockchain networks and institutions, stressing the importance of hybrid technologies that can deploy verifiable, open-source code resistant to single points of failure but that can be adjusted should exceptions happen.

Hybrid blockchains have been on the minds of many executives at major enterprises of late, and Baldet’s interest comes after the two largest public protocols have been embroiled, if not trapped, in online feuds. As such, she framed permissioned blockchains as perhaps offering a well-intentioned contrast to a model that’s seen no shortage of critiques over the years (coindesk).

LG CNS, a subsidiary of South Korean LG Corporation that supplies information technology services, has recently launched its own blockchain-powered service. LG CNS’ own blockchain platform “Monachain” has been designed to enable blockchain-based logistics in the fields of finance, manufacturing and communication. Monachain enables a new type of identification, a decentralized identifier (DID), that can be used for personal identification and online payments via smart devices. Monachain also allows users to open a digital wallet and conduct financial operations. LG CNS is seeking agreement with domestic banks to bring its digital currency business to a wider audience (cointelegraph).

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