South Korean Ministry of Science and ICT grants ICONLOOP permission to test decentralized identity tech’s ability to prevent license forgery and protect personal data
SEOUL, SOUTH KOREA , Dec. 31, 2020 (GLOBE NEWSWIRE) — Korea’s leading enterprise blockchain technology company, ICONLOOP (https://www.iconloop.com/en/), today announced it is developing a blockchain-based mobile drivers license under regulatory sandbox approval in South Korea. South Korea’s Ministry of Science and ICT granted ICONLOOP permission to test its Decentralized Identity (DID) technology on mobile driver’s licenses with the goal of better preventing forgery and protecting personal data.
In today’s centralized system, driver’s license information is stored on a single server, leaving it vulnerable to leaks or attacks. ICONLOOP’s pioneering Decentralized Identity technology solves this, allowing people to directly manage their own data by storing authenticated personal information on their mobile devices using the Zzeung app. When a user needs to submit their authenticated data, they can simply select and submit the necessary information.
“ICONLOOP emphasizes the self-sovereignty of personal data. The authentication processes that previously existed offline in the form of physical cards are now online via mobile apps like Zzeung, making it possible for users to manage their own authenticated information,” said Jonghyup Kim, CEO of ICONLOOP. “We are happy to work closely with regulators in South Korea to support efforts to responsibly manage and protect citizens’ personal data through advances in technology.”
Mobile driver’s licenses are one of many use cases for ICONLOOP’s DID technology, which is already being used by the government of Jeju Island for contact tracing, and by online recruiting company SaraminHR to authenticate job applicants’ credentials. DID technology offers significant advantages to both organizations and end users in maintaining the safety of personal data.
ICONLOOP’s mobile driver’s licenses are expected to be released in the second half of 2021. Since the adoption of the ICT Regulatory Sandbox, several services have been tested and launched, ranging from ride sharing to healthcare to virtual reality.
ICONLOOP (https://www.iconloop.com/) is a leading blockchain technology company in South Korea. The company’s technology is used for real-world applications in banking, healthcare, government, and more. The Financial Services Commission (FSC) has approved ICONLOOP’s decentralized identity (DID) authentication service into the ‘Innovative Financial Services and Regulations Sandbox.’ Headquartered in Seoul, the company has approximately 140 employees and raised over $15 million in funding from Korea Growth Investment Corporation (K-Growth), Kiwoom Investment, Danal Holdings, K-Clavis Investment, TS Investment, Korea Asset Investment Securities, and Pathfinder H.
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