Korean cryptographic platform ICONLOOP has been busy despite a long break in altcoin activity. The latest development of the project is a blockchain-based identity authentication service.
ICON keeps the cryptographic news
Many encryption projects have fallen away, as the prolongation of winter keeps the price of tokens on the floor. Some, however, ignored market issues and switched to their projects. ICONLOOP is one of South Korea’s blockchain startups that continues to innovate and its latest offering is a blockchain-based identity verification service.
The system uses a decentralized identifier protocol (DID) in the ICON blockchain. Users can store their personally identifiable information in the DPASS program and access several related services without having to verify their identity.
Modern systems of identity verification are often difficult for those who lack technical thinking. Many are subject to abuse by third parties who attempt to steal their personal identity for profit. The DPASS system was designed to prevent users from managing their personal data.
As an additional layer of security, DPASS works with a blockchain-based certificate issuing service developed by ICONLOOP called Bru. This allows them to keep security certificates that are immune from fraud and counterfeiting. The platform is designed to work with more online and offline services that require these advanced layers of security.
ICONLOOP has close links with the South Korean government, and the Financial Services Commission (FSC) recently added the firm’s ‘my-ID’ service to ‘Innovative Financial Services and Provisions Sandbox’.
This digital identification system can be used for face-to-face verification, such as opening bank accounts. The availability of these services is increasing in South Korea. So far, 18 companies, including manufacturers, banks, securities and securities companies, insurers and e-commerce companies, have expressed interest in participating in the innovative financial services project.
ICX back on the floor
ICON’s native cryptocurrencies, ICX, are still frozen in the winter of crypto compared to other alternative currencies. Following the decline of Bitcoin today, ICX fell 6 percent to $ 0.29 in the fall. Last November, the big digital landfill was pretty flat and fell more than 97 percent from its peak. When altcoins finally start moving, it needs to recover quickly given the progress its main project has made.