ICONLOOP Aims to Boost Sales by 50% to USD 13.7 Million This Year

ICONLOOP aims to boost sales this year to KRW 18 billion, or about USD 14.7 million, a 50% increase from last year.

In an interview that appeared in Korean-language tech news outlet iNews on Sunday, CEO JH Kim said this would allow the company to break through its break-even point.

ICONLOOP will aggressively target both the private and public sectors while expanding customers for its proprietary blockchain engine “loopchain” and launching new services

The company has licensed “loopchain” or built systems powered by the engine for Seoul Metropolitan Government, Naver LINE, Kyobo Life Insurance and Korea Customs Service.

Moreover, ICONLOOP will launch its DID service MyID in the third quarter. MyID is primed for use in South Korea’s financial sector thanks to its inclusion last year into the country’s financial regulatory sandbox.

Kim said the financial sector is really ready to accept safe new ID methods because of the EU’s General Data Protection Regulation (GDPR) and major incidents of hacking. One of the methods the financial sector is looking at is DID.

He said ICONLOOP plans to initially focus on financial companies belonging to the MyID Alliance when it launches the DID service in the third quarter.

Once ICONLOOP confirms the stability of the service in the financial sector, the company plans to expand the service to other non-financial MyID Alliance partners. ICONLOOP will receive money each time a MyID Alliance partner uses MyID to verify an identification.

The company also plans to expand use of its DID-powered visitor management solution VisitMe, especially as visitor management solutions have grown during the COVID-19 pandemic.

Kim said his company is proposing to local government services that can quickly and accurately manage visitor records without violating individual privacy as a means to track confirmed cases of COVID-19. The VisitMe service, for example, saves personal data and visitor logs in a distributed way to ensure privacy while using anonymized DID to enable tracing of confirmed cases of COVID-19.