LG Supports Blockchain Platform for School Canteens

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LG Supports Blockchain Platform for School Canteens

LG CNS, a branch of the Korean LG conglomerate, will introduce a blockchain platform which school canteens will be able to use in order to increase transparency.

LG and blockchain

The system is to be created in cooperation with a local IT services provider, SayIT. It will operate based on LG's original blockchain platform called Monachain, launched in May 2018. It was created in order to launch blockchain logistic programs on finance, industrial production and communication. One of the main advantages of Monachain is the digital authentication system. It also allows to open a virtual portfolio and conduct financial operations. In this way, LG CNS wanted to communicate with banks in order to introduce its own cryptocurrency into wider circulation. The LG CNS has been working on a similar platform since April, focusing on the recycling of batteries used in electric cars.

Project for schools

LG intends to cooperate with Korean local governments so that the platform can be quickly implemented in school canteens. It will help, among others, in obtaining information about products sold in those canteens. The main, but not the only aim of the blockchain is to make all required information public. In an official statement, LG CNS informs that the initiative is addressed mainly to parents who have doubts about the health of their children. There will also be an appropriate marketing system that will help food companies effectively promote their products to potential customers.