Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Korean crypto platform ICONLOOP has been busy despite the prolonged lull in altcoin activity. The latest development from the project is a blockchain-based self-sovereign identity authentication service.
ICON Keeps Up Crypto Innovation
Many crypto projects have fallen by the wayside as the prolonged altcoin winter keeps token prices on the floor. Some, however, have shrugged off market matters and soldiered on with their projects. South Korean ICONLOOP is one of those blockchain startups that keeps on innovating and its latest offering is an identity authentication services based on the blockchain.
According to today’s official announcement:
“‘DPASS’ is the acronym of Decentralized Passport, a mobile application supporting blockchain-based identity authentication and cryptocurrency wallets regardless of borders.”
The system uses the decentralized identifiers (DID) protocol on the ICON blockchain. Users can store their personally identifying information on the DPASS app and login to various linked services without reconfirmation of identity.
Current systems of identity verification are often cumbersome for those not technically minded. Many are also open to abuse by third parties seeking to steal personal identities for profit. The DPASS system has been designed prevent this giving users the authority to manage their own personal data.
As an additional layer of security DPASS works with a blockchain-based certificate issuing service developed by ICONLOOP called ‘broof’. This enables the storage of security certificates which are immune to fraud and counterfeit. The platform has been designed to work with a growing number of online and offline services which require these advanced security layers.
CEO of ICONLOOP, Jonghyup Kim, stated:
“Users will be able to see how revolutionarily easy it would be when DPASS is aligned with various services and users can log in with one Blockchain ID on those services. ICONLOOP is making utmost efforts with many partners to launch blockchain-based services that can be used easily and conveniently in real life. I hope you look forward to it.”
ICONLOOP has close ties with the South Korean government, and just recently the Financial Services Commission (FSC) added the firm’s ‘my-ID’ service into the ‘Innovative Financial Services and Regulations Sandbox’.
This digital ID system can be used for non-face-to-face verifications such as opening bank accounts. Adoption of these services is growing in South Korea. So far 18 companies including manufacturers, banks, stock and securities firms, insurance companies, and e-commerce companies have expressed interest in participating in the Innovative Financial Service project.
ICX Still On The Floor
ICON’s native crypto token, ICX, is still frozen over from crypto winter along with most of the other altcoins. Following Bitcoin’s slide today, ICX has dropped 6 percent on the day in a fall back to $0.29. It has been pretty flat since the big digital dump in November last year and is still down over 97 percent from its peak. When altcoins finally start moving this one should recover fast considering the progress its parent project is making.
Image from Shutterstock
