South Korea’s financial regulator, the Financial Services Commission (FSC), has officially included a blockchain-based ID service developed by major domestic blockchain firm ICONLOOP into its sandbox, according to a press release.
The ID service uses a decentralized database to make aspects of identity verification more efficient and convenient for bank customers.
my-ID: Convenient ID Service for the Banking Sector
The service, known as my-ID, was developed as a blockchain-based digital identity authentication service. It allows for identity authentication-related information, such as photo ID, monetary transfers, phone numbers, etc. to be stored on the user’s mobile device.
With these functionalities, my-ID users can reuse the stored information for banking purposes, either to open a new account or access other services that require user identification.
The service significantly simplifies the time-consuming process of ID verification, eliminating the need to take multiple pictures of photo ID or submit supporting documents.
ICONLOOP: South Korea’s Blockchain Industry Will Thrive with ‘my-ID’
Jonghyup Kim, CEO of ICONLOOP, stated that the designation of my-ID as an Innovative Financial Service for inclusion in the regulatory sandbox would make a huge difference, calling it a “monumental turning point in the growth of Korea’s blockchain industry.”
“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,” Kim said.
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