• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Upcoming Events
    • Blockchain Economy Summit, Istanbul (July 27-28, 2022)
    • Web3 Delight, Lagos (July 29, 2022)
    • NFT Expoverse, Los Angeles (July 29-31, 2022)
    • World Financial Innovation Series, Philippines (August 16-17, 2022)
    • Coinfest Asia, Bali (August 25-26, 2022)
    • Game On! (September 8-9, 2022)
    • MetaWeek, Dubai (September 11-14, 2022)
    • Future Tech Event, Oman (September 12-13, 2022)
    • METAVSUMMIT, Dubai, UAE (September 14-15, 2022)
    • NFT Show Europe, Spain (September 17-18, 2022)
    • TOKEN2049, Singapore (September 28-29, 2022)
    • Blockchain Expo North America (October 5-6, 2022)
    • AIM Summit, Dubai (November 21-22, 2022)
  • Past Events
    • Event Horizon
    • Blockchain Life
    • BlockShow Europe

Crypto Reporter

Online magazine about cryptocurrencies, NFTs, DeFi, GameFi and other blockchain technologies

Trade on the world's major crypto exchanges:
Binance | FTX | Huobi
  • News
    • News Feed
    • Cryptocurrencies
      • Bitcoin
      • Altcoins
    • Payment solutions
    • Exchanges
      • Binance
      • bitFlyer
      • Bitfinex
      • CBOE
      • CME
      • Coinbase
      • Coincheck
      • Coinfloor
      • Nasdaq
      • Poloniex
    • Regulations
      • Australia
      • Belarus
      • China
      • Europe
      • India
      • Iran
      • Israel
      • Japan
      • North Korea
      • Philippines
      • Portugal
      • Russia
      • South Korea
      • Thailand
      • Turkey
      • Venezuela
      • Vietnam
      • United States
    • Blockchain platforms
    • Crypto news in brief
    • Stats & trends
    • Reviews
      • Ambrosus
      • ATN
      • Dash
      • Green Power Exchange
      • Power Ledger
      • ShapeShift
      • Waltonchain
      • Cryptocurrency market capitalization can top 4 trillion USD, under conservative estimates
    • Opinion
    • Sponsored
  • Press Releases

PR: Korea FSC approves ICONLOOP’s blockchain-based digital identity authentication service “my-ID” into its Fintech Sandbox

July 2, 2019 By Crypto Reporter PR

ICONLOOP, the operator of Seoul’s standard blockchain platform and one of the largest blockchain enterprises in South Korea, has introduced its digital ID service that can be utilized for untact (non-face-to-face verification) openings of banking accounts. The Financial Services Commission (FSC), South Korean government’s top financial regulator, has announced the inclusion of ICONLOOP’s ‘my-ID’ service into the ‘Innovative Financial Services and Regulations Sandbox’ created under the Financial Innovation Support Special Law.

Jonghyup Kim, CEO of ICONLOOP, stated, “The designation of my-ID as an Innovative Financial Service will be a monumental turning point in the growth of Korea’s blockchain industry.” He also said, “Although it has been somewhat difficult to find a meaningful use of blockchain technology in everyday life so far, this will be an opportunity to prove and verify the usefulness of blockchain technology. I hope that this marks not only the expansion of blockchain technology but also the creation of an overall digital identity ecosphere.”

As 18 different companies, including manufacturers, banks, stock/securities firms, insurance companies, and e-commerce companies, have expressed their participation in the Innovative Financial Service project, the sandbox inclusion is expected to act as a stimulus towards mass adoption.

my-ID

my-ID, which was designated as an Innovative Financial Service, is a digital identity authentication service built on blockchain technology. It allows for ID authentication information (ID, monetary transfers, verification through mobile phones, etc.) to be saved to the user’s mobile phone so that users can reuse said information to open further accounts or access other services that requires identification. This drastically simplifies the cumbersome processes such as taking pictures of one’s ID over and over again and will allow consumers to sign up for various financial products in an easier manner.

Under the current process, consumers cannot submit previously saved images of their ID but have to take a picture of their ID in real time. Through my-ID, the identification authentication information will be saved after an initial, one-time authentication process at a financial institution. This information is prevented from being tampered with through a blockchain, and future usage of the saved information requires biometric authentication.

The inclusion of my-ID into the ‘Innovative Financial Services Sandbox’ is likely due to not only the ease it provides for account openings, but also its tremendous potential for application in other areas. An ID that has been approved by financial institutions to be fit for financial activities is widely seen as having passed the most stringent authentication process. Therefore, it is expected that the said ID can and will be utilized within the digital ecosphere as a whole. For example, it could be used to authenticate driver’s licenses for car-sharing services or a method of logging in to an online shopping mall. Essentially, it will solve the problems that we have all faced in the past due to the fact that there was no one unified method of ID authentication that everyone trusted.

In line with the global trend, my-ID is expected to be configured in a ‘self-sovereign’ manner, eliminating the risk of personal information leaks. The self-sovereign manner refers to a method where one keeps all of his/her information until it needs to be shared with a specific party, as opposed to consigning his/her information to a third authenticating party. This eliminates the risk of a third party holding large quantities of personal information and accidentally leaking information, as well as making it impossible for parties to trade other peoples’ private information for monetary returns. This, in effect, returns the ownership of personal information to the actual owners.

Innovative Financial Services and Regulations Sandbox
It is an exemption system in which innovative financial services are designated and exempted from restrictions on licensing and sales activities. As children play freely in sand playgrounds, the phrase “Regulations Sandbox” is used for the purpose of unlocking regulations.

About ICONLOOP
ICONLOOP, Inc. (formerly theloop) is a tech company, based in Seoul, South Korea, specialized in the implementation and design of blockchain technology. ICONLOOP targets both scalability and security to maximize the utility of blockchain technology. Based on a proprietary blockchain engine, loopchain, ICONLOOP leads diverse innovations in financial transactions, and digital currency.

Filed Under: Press Releases

Primary Sidebar

Follow Us

Press Releases

Axelar, Aurigami, and Trisolaris Join Forces to Bring Secure Cross-Chain Lending and Liquidity to NEAR Protocol’s Aurora

August 9, 2022

THORWallet DEX Integrates Rango Exchange to Expand DeFi Swapping Possibilities

August 8, 2022

Asia’s Largest Web3 Event TOKEN2049 Hits 200 Sponsor Milestone, Announces New Headline Speakers

August 8, 2022

Project Eluüne: StarGarden Expands to Polygon Amid Multimillion Dollar Funding Round

August 5, 2022

Longevity: Rejuve launches AI-powered app to remove privilege from the fight against ageing

August 5, 2022

CME Group to Launch Euro-denominated Bitcoin and Ether Futures on August 29

August 5, 2022

BitMEX launches the first-ever FX perpetual swap contracts, bringing crypto innovation to worldwide forex markets

August 4, 2022

CoinDCX announces UNFOLD 2022, a Web 3.0 event to showcase India’s role in building a new internet economy

August 4, 2022

NFT Expoverse

WFIS2022

Coinfest Asia

MetaWeek

Future Tech Event

NFT Show europe

AIM Summit

Footer

Crypto Reporter is an online magazine about digital currencies and blockchain technologies
About us
Contact us
Submit press-release

Search

2017-2022 Crypto Reporter