Bitcoin News

South Korean Crypto Platform ICONLOOP Starts a Decentralized Passport Service

ICONLOOP Is Making Some Changes

The Korean Crypto Platform ICON has been busy, even though altcoin has been weathering the storm this past couple of months. The platform has always had a knee eye for innovation, and it is no surprise that they have a blockchain-based self-sovereign identity authentication service in the pipeline.

According to the announcement dropped earlier this week: 

“DPASS’ is the acronym of Decentralized Passport, a mobile application supporting blockchain-based identity authentication and cryptocurrency wallets regardless of borders.”

The system employs the decentralized identifiers (DID) protocol. Users can use the DPASS application to store their personal identifying information. This will allow them to log in to other linked services without the need to reconfirm their identity.

This will come as great news for people who have had to struggle with the tasking current systems of identity verification. The current system is also susceptible to attacks from third parties who are looking for ways to harvest personal data for illicit use. The DPASS offers users a safe haven to carry out their operations.

The CEO of ICONLOOP had this to say:

“Users will be able to see how revolutionarily easy it would be when DPASS is aligned with various services, and users can log in with one Blockchain ID on those services. ICONLOOP is making utmost efforts with many partners to launch blockchain-based services that can be used easily and conveniently in real life. I hope you look forward to it.”

The relationship between the South Korean government and ICONLOOP

Both parties have had a close relationship for a while now. In recent times Financial Services Commission (FSC) included the firm’s ‘my-ID’ service into the ‘Innovative Financial Services and Regulations Sandbox’. With this users can go as far as opening bank accounts.

 

The service is gaining popularity in South Korea, and as much as 18 companies from various industries are participating in the Innovative Financial Service Project.

 

 

 

 

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