ICON (ICX) partnership aims for biometric blockchain security, ID
Raonsecure and theloop have partnered to get compliant biometric security and user ID on ICON's blockchain.
ICON (IXC), North Korea's all in one blockchain system, has partnered with Raonsecure to introduce the world's first FIDO-compliant blockchain ID system.
The FIDO (Fast Identity Online) system was created in 2013 to help introduce a new global standard for biometric (fingerprint, eye scan, voice recognition, etc), near field communication and other security and user identification systems. As of 2016, it counted more than 260 companies among its members, including PayPal, Bank of America, Google, Samsung and Visa.
As cryptocurrencies move into a more regulated stage of existence, questions of security, user identification and appropriate standards are all becoming more significant.
In ICON's home base of South Korea, this might be an especially timely development in line with ICON's adoption-focused roadmap for 2018.
- South Korea recently ended anonymous cryptocurrency trading and is moving quickly to introduce a range of additional regulations.
- The theloop (ICON's blockchain) CHAIN ID system was successfully launched in October 2017, allowing bank customers to use the same security certificates across 25 banks around the country. Compliant biometric security measures are likely to complement this well.
- An industry standard solution for user IDs, logins and other verification might be essential to ICON's focus on adoption across a wide range of industries throughout 2018. For example by letting the same person use ICON as one unified platform to do their banking, provide health information to their doctor, verify their identity on cryptocurrency exchanges and as a form of student or workplace ID.
Raonsecure might be a prestigious choice of partner. Its clients include major names like Samsung and it's been recognised by South Korea's Ministry of Science as the cutting edge of data security.
And in the future, it's also looking to move into IoT security and next generation identity verification technology, both of which are naturally tied to distributed ledger technology. ICON might be just as valuable to Raonsecure as it is to ICON.
What is ICON and how does it work?
Latest cryptocurrency news
- SEC crackdown on Binance, Kraken – What it means for Aussie investors
- Sam Bankman-Fried found guilty – what it means for Australian FTX victims
- Bitcoin’s price soars over 10% on ETF rumours – here’s why
- New regulations for Aussie crypto exchanges: What it means for investors
- Sam Bankman-Fried’s FTX trial starts tomorrow – what it means for FTX customers
Picture: Shutterstock
Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VEN, XLM, NANO, SALT
