ChainID, developed using loopchain, one of Icon (ICX) project, has been handpicked by ‘Samsung Pass’, an ’identity management service’ that enables secure access through biometric authentication like iris, fingerprint and face recognition.
Loopchain, which is at the core of ChainID has established a significant presence in Korea’s blockchain industry through outstanding use cases in various industrial sectors like banks, securities markets, universities and healthcare sector. It is touted as the world’s first blockchain joint authentication service which was built using theloop’s proprietary ‘loopchain’ engine.
A statement by Icon team reflected that, “Korea Financial Investment Association(KOFIA), which theloop is participating as a technical partner to develop ChainID, has signed an MOU with Samsung Electronics to incorporate ChainID in ‘Samsung Pass’ service.”
“ChainID is the world’s first blockchain based joint authentication system developed using theloop’s blockchain engine ‘loopchain’, and is being used by 11 securities companies in Korea.”
The statement pointed that Icon believes “that this MOU with a leading global conglomerate is a big step towards both real-world adoption and globalization of blockchain technology,” adding that Icon team is “proud to say that loopchain, which is at the core of ChainID and honored to be recognized by a corporation as reputable as Samsung.”
Referred to as the world’s first blockchain joint authentication service, ChainID, which was launched in the Q4 of 2017, was developed using theloop’s blockchain engine loopchain.
The idea is born of the fact that different observers, like financial institutions in Korea see the need for regulatory shift from the use of ‘Certified Certificates’. These are Certificates issued by a centralized Certificate Authority purposely for personal authentication (digital signature).
This then made the theloop join the Korea Financial Investment Blockchain Consortium as a technical partner to develop ChainID. ChainID has been patronized since October 2017 by 11 securities companies.
The idea is to be implemented to solve existing problems in Certified Certificates and in private Certificates that are convenient but have limited use.
“To solve the problem of data integrity, smart contracts based on theloop’s proprietary blockchain engine, loopchain, were used to create ChainID,” ICON said in a separate statement.
“ChainID issues a joint certificate through the consensus of the nodes (participants) in the network. The joint certificate is already authenticated through the consensus of the nodes and can be used freely throughout the network without any additional authentication. The smart contracts will guarantee the integrity of the data, ensuring that the certificate is trustworthy and without the risk of being altered.”
The use of ChainID makes users experience a convenient and reliable environment for making financial transactions.
Surprisingly ChainID is impacting the lives of all those who interact with the 11 securities companies utilizing the technology. In the future, Icon aims to expand its reach by making it have life changing effects on many industrial sectors.
Icon’s Project, theloop signs MoU With aSSIST Business School
One of the important areas that Icon is trying to bring revolution into is education. Icon’s project, theloop has entered into partnership with aSSIST (Seoul School of Integrated Sciences & Technologies) Business School for blockchain education alliance. The two parties involved will develop and deliver blockchain training programs.
The business school designed Digital Strategic Planning MBA courses that is centered on strategic planning in digital technologies like AI, blockchain, fintech and digital marketing.
“It was not easy to find good education institution which can provide both technical and business course of blockchain, Icon stated on the development.
“Through this cooperation, it is expected bring out blockchain experts who can apply blockchain technology in business area.”
Icon has partnered with many firms in the world. It is working with influential blockchain partners like cryptocurrency focused venture capitalists, global accelerators, crypto-focused law firms, among others. It is PANTERA, Coinsilium, CM Crypto Capital, MIND FUND, and Kenetic Capital, investors in blockchain related problem.
At the same time, it has partnered with Hashed, a network of South Korean blockchain industry professionals; partnership of engineers, investors, attorneys, and business developers. The group aims to place Korean businesses at the forefront of blockchain developments worldwide.
In the same line, Icon has partnership with CRYPTO BAZAR, one of the largest blockchain communities in Russian-speaking countries.
Icon Use Cases
Icon has presence in many areas. Icon projects are used in different industries. In banks for example, Icon network, is currently developing a pre-paid digital payment system aimed at implementing digital account management, recharging, transfers, withdrawals, and digital-currency (DC) management system.
Also, in universities, Icon’s U-coin is a first blockchain cryptocurrency platform used by major South Korean universities. Through it, students can charge cryptocurrency using Smart Vending Machines that can be used for day-to-day payments and transfers at school.