South Korean Blockchain Startup raises $ eight million for identification verification

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Blockchain firm Iconloop has gained 10 billion Korean (KRW) (greater than $ eight million) from seven funding firms collaborating in a Sequence A financing spherical.

From October 10 Announcement, it was Iconloop & # 39; s first enterprise capital funding because it was established in 2016, with the participation of firms comparable to Korea Know-how Finance Company (KOTEC) and T.S. Funding, amongst others.

Construct identification authentication service based mostly on blockchain

Iconloop intends to allocate the collected cash to the launch of its blockchain-based digital identification authentication service known as "my-ID". Based on the company, my-ID can be utilized to open financial institution accounts with out face-to-face verification and "permits ID authentication data (…) to be saved on the consumer's cell phone in order that customers can reuse this data to open additional accounts or entry different providers that require identification. "

Along with the my-ID service, Iconloop will use the cash for additional promotion of the my-ID Alliance consisting of 27 organizations from totally different industries, together with banks, safety firms, e-commerce and manufacturing firms.

South Korea's method to blockchain

In February the Seoul Metropolitan Authorities chose The Blockchain platform from Iconloop to ship cell appointment letters to its Blockchain Governance Crew. On the time, J.H. Kim, board member of the Icon Basis and CEO of Iconloop, stated the corporate expects:

"The rise in public blockchain use circumstances beneath authorities management and the issuance of this letter of appointment is a place to begin to point out a transparent instance of how blockchain can be utilized in authorities."

This summer time information broke out that the South Korean capital is searching for release a digital foreign money known as S-currency within the metropolis of beginning, with the purpose of encouraging residents to take part in governance, facilitating cooperation between residents and accumulating data.

South Korea's oldest financial institution, Shinhan Financial institution, lately partnered with two different firms to collectively develop a Personal Key Administration System for its banking providers. The primary assessments of the brand new programs are anticipated in October.

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