The Iconist’s Note: To be sure, MyID relies mostly on private chains, especially when applied to financial institutions. However, Zzeung partially operates on the public chain to verify first-time users. This involves a small ICX transaction fee. The transaction fees might seem minuscule at first, but they add up, especially when we’re talking about two major South Korean banks. And with other financial institutions considering implementations of MyID, things have only just begun.
I might also suggest that with the political climate expected to grow considerably warmer toward crypto after next month’s presidential election, you might see financial institutions and other organizations take closer looks at broader implementations of the public chain.
Korean business daily Maeil Gyeongje takes a look at Shinhan Bank’s application of ICONLOOP’s MyID service.
Launched in 2020, the service represents the first commercial application of DID technology in Korea.
With DID technology, users can encrypt and save their ID information on their mobile phone using blockchain technology after it has been verified — just once — by a trusted institution, often a bank.
When you need to submit private information, you can choose what to submit, rather than turning over ALL your private information as per the existing ID regime.
In particular, ICONLOOP is expanding cooperation with the financial sector using the mobile app Zzeung.
Zzeung is a DID service based on MyID, ICONLOOP’s DID solution that the Korean government designated an “Innovative Financial Service.”
“Users are required to download the Zzeung mobile app and verify their identity using a Korean telecom service. In the background, a verifiable credential is issued via a public blockchain network to guarantee that there is no forgery or tampering of any information. Next, users select ‘Shinhan Real-Name Authentication’, and then a Zzeung KYC compliance certificate is issued and stored on a mobile phone once Shinhan Bank verifies the users’ identity, a photo ID, and account ownership authentication (in accordance with the guidelines of the Real Name Financial Law). When submitting to other organizations, a special case for the regulation of innovative financial services is applied so that the user can resubmit after verifying the fingerprint without repeating the previous identity verification procedure. A private blockchain network is used to verify any forgery of identity information.”
Maeil Gyeongje reminds readers that people with NH Bank accounts can also use Zzeung for real name authentication. This makes all sorts of financial transactions easier, free from all the pain-in-the-rear steps usually required to verify your identification.