Seoul-based Iconloop Inc., a distributed ledger blockchain technology service provider, announced Thursday the company has raised $8 million from seven investors, including Korea Technology Finance Corporation and T.S. Investment.
Iconloop intends to use money from the Series A funding to focus on the launch of its decentralized ID service, called “my-ID,” and the expansion of its supporting partner network the “my-ID alliance.”
Iconloop Chief Executive Officer Jonghyup Kim said he believes this investment shows the viability of his company’s product and its marketability as a leading blockchain provider in Korea. “Iconloop will continue relentless efforts to provide blockchain technologies and platform that can be implemented into the entire industry and help the general public embrace blockchain technologies, contributing to building a more convenient and trustworthy society,” Kim said.
Loopchain, an open-source blockchain core engine developed by Iconloop, provides a platform and features designed for business processes. Loopchain implements the most common blockchain protocol features including cryptographic security, high-performance smart contracts, a consensus algorithm to protect transactions and the ability to scale distributed apps, or Dapps, among blockchains.
My-ID acts as a digital identity authentication service allowing for high-security transactions to occur without the need for face-to-face interaction. It permits users to store authentication credentials on mobile devices for access to services such as basic identity, monetary transfers, verification through mobile and other sensitive interactions.
With my-ID, users could overcome the cumbersome process of photographing identity documents over and over again and simply have a single point of truth, tied to their mobile devices, using the Iconloop my-ID blockchain for verification.
“Although it has been somewhat difficult to find a meaningful use of blockchain technology in everyday life so far, this will be an opportunity to prove and verify the usefulness of blockchain technology,” Kim said after Iconloop’s my-ID was accepted as a credential service by the South Korean Financial Services Commission. “I hope that this marks not only the expansion of blockchain technology but also the creation of an overall digital identity ecosphere.”
Iconloop has also launched a blockchain-based self-sovereign identity authentication service – on iOS only – called “DPASS,” an abbreviation that stands for Decentralized Passport. The DPASS service uses Iconloop’s DID protocol and the company’s public blockchain network. The company also launched a blockchain certificate issuance and authentication service, called “broof,” referring to “blockchain proof.”
The company’s identity services are supported by Iconloop’s CHAIN ID, a blockchain joint certification service with 26 domestic securities companies, including Kyobo Life’s Smart Insurance Claim Service, and Seoul Standard Blockchain Platform.
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