• en
    • ko

Menu

Decrypto

Blockchain & Crypto Analysis

Korean Banks to Use Blockchain Identification Services in Q3 2018

Wednesday, May 9, 2018

According to South Korea’s Money Today, Korean banks and insurance companies will begin implementing blockchain identification services in Q3 2018. The article also mentions similar services being used by the country’s securities industry last October

While the article doesn’t specifically mention anything about theloop or ICON, there is reason to believe these two entities may be involved in the implementation of this blockchain identification service.

Last October, ICON unveiled theloop’s CHAIN ID on their official blog.

CHAIN ID, Korea’s new standard for secure online identification that allows customers to use the same certificate across any of the 25 banks and securities companies that have already joined the Korea Financial Investment Blockchain Consortium. Starting in November, CHAIN ID will replace the outdated government-issued digital certificates with immutable, verifiable and interoperable blockchain certificates.

While many blockchain projects can be described as “hyperbolic” when it comes to talking up their platforms, I don’t believe this is the case with ICON. They have many established corporate and government partnerships. When they say “new standard”, they mean “new standard”.

So here’s what we know…

  • Korean banks and insurance companies will introduce blockchain identification services as early as July 2018.
  • This blockchain identification service has already been piloted in the Korean securities industry last October.
  • theloop’s CHAIN ID is a blockchain identification service.
  • CHAIN ID was piloted by Korea’s securities industry last October.
  • ICON’s mainnet is now live, ICONest will launch sometime in the next few weeks, and IISS will come later in Q2. If all goes well, the interoperability protocol should start to get real world usage later this year.

Connect the dots.


If you enjoyed this post and want to see more in-depth analysis, subscribe to our mailing list and follow us on Twitter.