The Korean-language business news outlet MoneyToday Network recently posted an article by reporter Kim Tae-hwan, who recently got a taste of ICONLOOP’s pioneering DID solutions.
When you visit a corporate office, you usually have to go to an information or reception desk and fill out a visitor log using pen and paper.
With ICONLOOP’s “VisitMe” DApp, however, you’re let in immediately after putting a mobile QR code on a scanner. The DApp uses DID technology to confirm the identity of the visitor ahead of time and let them in right then and there.
Kim notes that unlike other development companies that use Ethereum for their DID projects, ICONLOOP uses its own, independently developed blockchain engine “loopchain.” It can be optimized for diverse business environments and manage distributed ledgers.
ICONLOOP plans to launch in the first half of the year its DID service “MyID,” which makes it possible to open up bank accounts without face-to-face contact.
The company is also expanding the market for MyID by building the MyID Alliance, a network of companies that use the service. Around 50 companies have joined, including big corporates such as Samsung Electronics and Posco, financial companies such as Shinhan Bank and startups such as unicorn Yanolja.
ICONLOOP plans to post over KRW 20 billion (over US$16 million) in sales in 2020 by cornering the DID market through the MyID Alliance.
We’ll see if ICONLOOP can use its advantageous selection to the Financial Services Commission’s fintech sandbox to achieve success in South Korea’s DID market.
ICONLOOP CEO JH Kim told MoneyToday, “We achieved KRW 12.5 billion in sales in 2019. This year we aim at over KRW 20 billion. And in the case of MyID, as we have been reading service since last year and secure users in earnest from this year, was are setting as our target securing over 1 million users.”