ICONLOOP, a blockchain firm based in South Korea known for its decentralized ID (DID) system, is expanding its cooperation with multiple companies and cities across Korea as the country moves towards a more secure and privacy-focused way to verify the identity of its citizens when accessing both public and private sector services. Recently, ICONLOOP signed a Memorandum of Understanding (MOU) with Pohang City in the Eastern part of Korea, and POSCO, the largest steel manufacturer in the world and Postech, Pohang City’s science and technology university.
According to Crowdfund Insider, the DID system’s addition will enhance smart citizenship in the city under the MyID ecosystem. ICONLOOP has various applications that allow citizens to leverage on DID and MyID to log their visits to selected places in public such as stores, restaurants, offices, hospitals and more.
CEO of ICONLOOP Kim Jonghyup said that DID could help South Korea transition into a society which minimizes face-to-face interactions. In the COVID-19 climate, this is indeed a necessary consideration.
In fact, ICONLOOP previously signed an MOU with the Jeju Special Self-Governing Province to make identity verification mandatory for visitors throughout their visits via mobile app Zzeung.
Major Korean bank Shinhan has also partnered with ICONLOOP to improve the efficiency and security of processes such as credit card applications, brokerage, insurance sign-ups and more. Customers will no longer have to meet bank staff face-to-face to handle these, as long as their identity is verified via ICONLOOP’s DID technology.
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