SEOUL, SOUTH KOREA , Dec. 31, 2020 (GLOBE NEWSWIRE) — Korea’s main enterprise blockchain know-how firm, ICONLOOP (https://www.iconloop.com/en/), as we speak introduced it’s growing a blockchain-based cellular drivers license beneath regulatory sandbox approval in South Korea. South Korea’s Ministry of Science and ICT granted ICONLOOP permission to check its Decentralized Identification (DID) know-how on cellular driver’s licenses with the purpose of higher stopping forgery and defending private information.
In as we speak’s centralized system, driver’s license data is saved on a single server, leaving it susceptible to leaks or assaults. ICONLOOP’s pioneering Decentralized Identification know-how solves this, permitting folks to instantly handle their very own information by storing authenticated private data on their cellular units utilizing the Zzeung app. When a consumer must submit their authenticated information, they’ll merely choose and submit the required data.
“ICONLOOP emphasizes the self-sovereignty of private information. The authentication processes that beforehand existed offline within the type of bodily playing cards at the moment are on-line by way of cellular apps like Zzeung, making it potential for customers to handle their very own authenticated data,” stated Jonghyup Kim, CEO of ICONLOOP. “We’re completely happy to work carefully with regulators in South Korea to help efforts to responsibly handle and shield residents’ private information via advances in know-how.”
Cellular driver’s licenses are one among many use circumstances for ICONLOOP’s DID know-how, 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 know-how affords vital benefits to each organizations and finish customers in sustaining the protection of private information.
ICONLOOP’s cellular 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 trip sharing to healthcare to digital actuality.
ICONLOOP (https://www.iconloop.com/) is a number one blockchain know-how firm in South Korea. The corporate’s know-how is used for real-world functions in banking, healthcare, authorities, and extra. The Monetary Companies Fee (FSC) has authorized ICONLOOP’s decentralized identification (DID) authentication service into the ‘Revolutionary Monetary Companies and Rules Sandbox.’ Headquartered in Seoul, the corporate has roughly 140 workers 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.