South Korea’s Blockchain Company to Offer Authentication Service

April 19, 2019

SBI Savings Bank in South Korea has introduced the nation’s first blockchain-enabled authentication service in cooperation with South Korean blockchain company ICONLOOP, in a bid to fight against cybercrime.

Asia Times reported that the service is aimed at addressing problems relating to personal identity theft and cybercrime with a blockchain-based authentication technology that is set to offer more security to users.

Blockchain developer ICONLOOP revealed that the platform, called ‘SBI Simple Authentication’, can be accessed through SBI Savings Bank’s mobile banking application and will let customers use blockchain to verify blockchain-based PIN numbers or fingerprints. No other security steps, such as security cards or one-time passwords, will be necessary.

ICONLOOP added that a smart contract operating under the name of SCORE will verify the data, which will facilitate the authentication process even further, as it does not require any third-party certification authorities. It also affirmed that as blockchain enables timestamps and is immutable, this solution will offer more security than other authentication methods that are in commercial use today.

The blockchain developer has also made a name for itself by working with the South Korean administration in developing blockchain-powered voting platforms, before collaborating with SBI Savings Bank late last year.

Meanwhile, ICONLOOP has also launched its own digital token, ICX. However, the crypto has not been successful in the cryptocurrency market, dipping to merely 33 cents this year from its high of US$12, with a low probability of near-term recovery. However, the announced cooperation with SBI Savings Bank has brought the value of token up to 35 cents.

Source: www.asiatimes.com

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Malaysia’s Stock Exchange Uses Blockchain in Securities Lending
Malaysia’s stock exchange has announced that it is developing a blockchain solution for a securities...

May 20, 2019

India’s NPCI Considers Blockchain for Digital Payments
The National Payments Corporation of India has revealed that it is considering the adoption of a blo...

May 20, 2019

IEO The Next Big Thing
IEOs are not just advantageous for investors, of course. For the projects that are seeking to raise ...

May 20, 2019

Blockchain Privacy Startup QEDIT Closes $10M Round with Ant Financial
QEDIT has closed a US$10 million Series A round, with investors including Ant Financial, and announc...

May 20, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us