SEOUL, SOUTH KOREA , Dec. 31, 2020 (GLOBE NEWSWIRE) — Korea’s main enterprise blockchain expertise firm, ICONLOOP (https://www.iconloop.com/en/), at the moment introduced it’s growing a blockchain-based cell drivers license underneath regulatory sandbox approval in South Korea. South Korea’s Ministry of Science and ICT granted ICONLOOP permission to check its Decentralized Id (DID) expertise on cell driver’s licenses with the objective of higher stopping forgery and defending private information.
In at the moment’s centralized system, driver’s license info is saved on a single server, leaving it susceptible to leaks or assaults. ICONLOOP’s pioneering Decentralized Id expertise solves this, permitting individuals to straight handle their very own information by storing authenticated private info on their cell units utilizing the Zzeung app. When a person must submit their authenticated information, they’ll merely choose and submit the required info.
“ICONLOOP emphasizes the self-sovereignty of private information. The authentication processes that beforehand existed offline within the type of bodily playing cards are actually on-line by way of cell apps like Zzeung, making it attainable for customers to handle their very own authenticated info,” mentioned Jonghyup Kim, CEO of ICONLOOP. “We’re glad to work carefully with regulators in South Korea to assist efforts to responsibly handle and shield residents’ private information by way of advances in expertise.”
Cell driver’s licenses are one among many use circumstances for ICONLOOP’s DID expertise, which is already being utilized by the federal government of Jeju Island for contact tracing, and by on-line recruiting firm SaraminHR to authenticate job candidates’ credentials. DID expertise provides vital benefits to each organizations and finish customers in sustaining the protection of private information.
ICONLOOP’s cell driver’s licenses are anticipated to be launched within the second half of 2021. Because the adoption of the ICT Regulatory Sandbox, several services have been examined and launched, starting from journey sharing to healthcare to digital actuality.
ICONLOOP (https://www.iconloop.com/) is a number one blockchain expertise firm in South Korea. The corporate’s expertise is used for real-world purposes in banking, healthcare, authorities, and extra. The Monetary Companies Fee (FSC) has authorized ICONLOOP’s decentralized id (DID) authentication service into the ‘Revolutionary Monetary Companies and Laws Sandbox.’ Headquartered in Seoul, the corporate has roughly 140 staff and raised over $15 million in funding from Korea Progress Funding Company (Ok-Progress), Kiwoom Funding, Danal Holdings, Ok-Clavis Funding, TS Funding, Korea Asset Funding Securities, and Pathfinder H.