Do you recall in February theloops MOU with Raonsecure? This partnership is much larger than what meets the eye. Referenced below are several articles, but ill give you an understanding of the current problem, a brief summary of the articles as well as my thoughts.
In Korea, if you wanted to create an online account / email / shop online etc. , websites would require you to verify your identity through an outdated system ( National public key infrastructure – https://ko.m.wikipedia.org/wiki/공인인증서 ) that verifies each citizens identity though a unique ID. This process has been nothing but a hassle since its inception. Its slow, required you to plug in a USB stick and was a pain in the butt to use.
The partnership between theloop and Raonsecure (Largest biometric authentication company in Korea, 80% market share ) is attempting at creating a NATIONALIZED solution to replace this outdated system by incorporating both biometrics and blockchain together and when successful, the technology which ICON is built off of may become one of the first nationalized use cases for blockchain.
See the links / google translated articles below for a better in depth understanding.
Raon Secure – The Loop, Block Chain Based FIDO System Development MOU
Article Approval 2018.02.12 17:33:24
[Daily News] Raon Secur (CEO Lee Soon-hyung) announced on October 12 that it has signed a Memorandum of Understanding (MOU) on co-development of block chain-based biometric authentication (FIDO) .
The two companies will develop a next-generation authentication system that will replace the authorized certificate by combining their own block chain and biometric authentication technology, while promoting the new fin-tec business.
Raon Secure said that this cooperation will cooperate with the system development and business promotion that combines the block chain technology with the excellent security when the FIDO biometric authentication with convenience and uniqueness becomes the authentication means to replace the official certificate In terms of meaning.
“The block-biometric authentication system developed by both companies implements the process of generating and verifying authentication information of the FIDO server as a smart contract that is the core technology of the block chain, so security risks arising from centralized systems such as public certificates and private certificates “In addition to reducing the number of nodes in a chain, there is a distinction from existing authentication technologies in that the dimensions provide different trust through the agreement of block-chain nodes.”
Raon Secure said, “Recently, the market demand for the combination of the integrated ID and the FIDO biometric authentication technology using the block chain is growing. We need a business model based on the innovative block chain FIDO authentication system.” ” We will build a next-generation certification standard that is more reliable by combining with the block chain leading technology as we have built-in examples. ”
On the other hand, The Loop was founded in May 2016 as a subsidiary of Daily Intelligence, a core subsidiary of the Daily Chain Development Group, which specializes in block chain technology. After establishing the company, it is establishing a private block chain in various fields, and is actively engaged in business cooperation with a financial institution that examines construction of a block chain-based authentication system instead of an official certificate.
Abolition of Certified Certificate … Biometrics Market ‘Roaming’
Enter 2018-03-12 13:48 revision 2018-03-12 14:48
The biosecurity market will become even hotter due to the abolishment of the national certificate and expansion of business by security companies.
According to the industry on December 12, the number of handsets equipped with biometric authentication and biometric security increased due to the abolishment of the official certificate, and the domestic biometric authentication market will be expanded in earnest.
Raon Secure, which owns 80% of the domestic biometric authentication market, plans to expand talent and expand new business this year. Shinhan Financial Investment Co., Ltd. said on April 12 that Raon Secured view is bright due to abolishment of public certificate and conversion of autonomous competition of certificate market.
Shinhan Financial Group raised its target price by 35% from KRW3,700 to KRW5,000 on the 12th, saying it is expected to benefit from the abolishment of the certificate and the autonomous competition of the certificate market.
“The Ministry of Science and Technology, Ministry of Information and Communication, announced the plan to abolish the superior status of the certificate, and the certificate market, which was mainly focused on” security “in the past due to the recent evolution of technology such as block chain and biometric authentication, “It is highly possible that there will be a reorganization based on efficiency and convenience based on security,” he added. “In this process, demand for biometric certificates is expected to increase.”
“It is now possible to supplement / replace the security technologies of certified certificates, such as block chaining and biometric authentication,” he said. “If a private certificate is based on a block chain, strong security is supported and convenient. , Fingerprint authentication of Kakao Pay and recent biotech certificate adopted by Shinhan Financial Group are typical examples. ”
In particular, Raon Secure is a leader in the mobile security solutions market that combines FIDO biometric authentication, which is expected to be a big step forward. “We are the only company in Korea that can provide all four types of mobile security solutions essential for financial transactions (mobile vaccine, mobile password authentication, mobile terminal management, and virtual keyboards).”