ICONLOOP, the South Korean-basically basically based blockchain platform, this day announced a partnership with Shinhan Monetary institution, Korea’s 2d-ultimate commercial bank, to plight KYC compliance certificates through its cellular app Zzeung, which makes exercise of ICONLOOP’s blockchain-basically basically based decentralized identification (DID) technology.
Once issued, the KYC compliance certificate might be dilapidated to start accounts with monetary institutions and products and services, bypassing redundant KYC compliance processes. This case is the first commercialization of DID service for the monetary sector in Korea.
Shinhan Monetary institution-issued KYC compliance certificates powered by Zzeung might be applied to numerous non-face-to-face identification verification for Shinhan SOL cellular banking, including cellular OTP issuance, password commerce, and other buyer verification wants.
Besides, Shinhan Monetary Crew affiliates, similar to Shinhan Card, Shinhan Monetary Investments, Shinhan Life, Orange Life, and Jeju Monetary institution, are enraged by the exercise of Zzeung service contained within the next 300 and sixty five days.
Users with Shinhan Monetary institution-issued KYC compliance certificates can with out complications be verified with other monetary institutions, allowing sooner onboarding for monetary apps similar to brokerage, bank card, and insurance accounts.
How it works:
Users are required to procure the Zzeung cellular app and test their identification the exercise of a Korean telecom service. In the background, a verifiable credential is issued by a public blockchain community to guarantee that there is now not any forgery or tampering of any files.
Next, users exercise ‘Shinhan Exact-Name Authentication’, after which a Zzeung KYC compliance certificate is issued and saved on a cellular phone as soon as Shinhan Monetary institution verifies the users’ identification, a picture ID, and account ownership authentication (in line with the pointers of the Exact Name Monetary Regulations). When submitting to other organizations, a special case for the law of modern monetary products and services is applied in order that the user can resubmit after verifying the fingerprint with out repeating the outdated identification verification job. A non-public blockchain community is dilapidated to study any forgery of identification files.
Zzeung is the most primary centerpiece of MyID Alliance, Korea’s ultimate consortium, with 77 members consisting of economic banks, securities companies, native governments, e-commerce companies, and producers. The Monetary Products and services Commission (FSC) has permitted Zzeung into the ‘Innovative Monetary Products and services and Regulations Sandbox’ permitting KYC compliance certification and non-face-to-face identification verification. Zzeung’s security has been verified through deliberation by the Monetary Safety Company.
“This issuance of KYC compliance certification with Shinhan Monetary institution is of gargantuan significance attributable to it is the first commercialization of DID products and services dilapidated within the monetary sector in Korea,” acknowledged Jong-hyup Kim, CEO of ICONLOOP. “In some unspecified time in the future, we are in a position to enlarge the Zzeung to all industries that require identification verification previous the monetary sector in order that more users can ride the comfort of DID technology.”
“DID might be the starting point of the digital ID ecosystem that will enlarge one day. This would presumably well assemble into a platform for managing and transacting files apart from personal identification files,” acknowledged Hyun-ki Jang, Head of Shinhan Monetary institution’s Digital R&D Middle. “If numerous partners participate within the ecosystem starting within the 2d half of of this 300 and sixty five days, the commerce of digital age will jog.”
Following Shinhan Monetary institution’s lead, NH Nonghyup Monetary institution and IBK Industrial Monetary institution will additionally exercise Zzeung for KYC compliance certification issuing company within this 300 and sixty five days. In some unspecified time in the future, ICONLOOP will incorporate Zzeung with the members of MyID Alliance from numerous industries. The firm plans to enlarge Zzeung service to present numerous forms of identification authentication similar to customer authentication and qualification authentication.
Upright per week ago, on August 19, 2020, ICONLOOP announced that Jeju Island, the nation’s most traditional domestic vacationer commute verbalize, will exercise its Zzeung service to present non-public, proper COVID-19 contact tracing to the island’s 15 million annual visitors.