{"id":406823,"date":"2020-12-31T07:03:26","date_gmt":"2020-12-31T12:03:26","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=406823"},"modified":"2020-12-31T07:03:26","modified_gmt":"2020-12-31T12:03:26","slug":"iconloop-to-develop-blockchain-based-mobile-drivers-license-under-regulatory-sandbox-approval-in-south-korea","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/iconloop-to-develop-blockchain-based-mobile-drivers-license-under-regulatory-sandbox-approval-in-south-korea\/","title":{"rendered":"ICONLOOP to Develop Blockchain-Based Mobile Driver\u2019s License Under Regulatory Sandbox Approval in South Korea"},"content":{"rendered":"<h2>\nSouth Korean Ministry of Science and ICT grants ICONLOOP permission to test decentralized identity tech\u2019s ability to prevent license forgery and protect personal data<br \/>\n<\/h2>\n<div class=\"mw_release\">\n<p>SEOUL, SOUTH KOREA , Dec.  31, 2020  (GLOBE NEWSWIRE) &#8212; Korea\u2019s leading enterprise blockchain technology company, <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Hz5V6mCLFsrBNvntsQsdXlSO0RpkiadZVFbSgZqqyoKK1HegseTkjinz4ZCLsS-dVNZ9tglEikmcIqmowNd_qw==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">ICONLOOP<\/a> (<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=aDcQyYwHdGBrOa7EVj6MeqQc3fTYpUXJSs5Vd-ggNxfGb4uiCmmCmscodK5qStnZlFbcy9486VIGesyannONZ_WK__-9y4dX3Oa1aMVXOxk=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">https:\/\/www.iconloop.com\/en\/)<\/a>, today announced it is developing a blockchain-based mobile drivers license under regulatory sandbox approval in South Korea. South Korea\u2019s <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=zIBXECX8_qMYagLtuwhTrbvGnPBJkUijce2x9nW3dal_Se-IhmXPNtVmJz6w2yhXl83O9fZ8pJlp7Fzh2k3-jmRIAEacomo3V3qB-6C8FQgU47Ib-Kjou0hrryLSakAE\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Ministry of Science and ICT<\/a> granted ICONLOOP permission to test its Decentralized Identity (DID) technology on mobile driver\u2019s licenses with the goal of better preventing forgery and protecting personal data.\u00a0<\/p>\n<p>In today\u2019s centralized system, driver\u2019s license information is stored on a single server, leaving it vulnerable to leaks or attacks. ICONLOOP\u2019s pioneering Decentralized Identity technology solves this, allowing people to directly manage their own data by storing authenticated personal information on their mobile devices using the Zzeung app. When a user needs to submit their authenticated data, they can simply select and submit the necessary information.<\/p>\n<p>\u201cICONLOOP emphasizes the self-sovereignty of personal data. The authentication processes that previously existed offline in the form of physical cards are now online via mobile apps like Zzeung, making it possible for users to manage their own authenticated information,\u201d said Jonghyup Kim, CEO of ICONLOOP. \u201cWe are happy to work closely with regulators in South Korea to support efforts to responsibly manage and protect citizens\u2019 personal data through advances in technology.\u201d\u00a0<\/p>\n<p>Mobile driver\u2019s licenses are one of many use cases for ICONLOOP\u2019s DID technology, which is already being used by the government of Jeju Island for contact tracing, and by online recruiting company SaraminHR to authenticate job applicants\u2019 credentials. DID technology offers significant advantages to both organizations and end users in maintaining the safety of personal data.\u00a0<\/p>\n<p>ICONLOOP\u2019s mobile driver\u2019s licenses are expected to be released in the second half of 2021. Since the adoption of the ICT Regulatory Sandbox, <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=XdGGH5jAYOqCPaxHNUwO-wAAA1SbQkxuBzx7DHn0kXWrs6amw0OTULys6-I_YUzHH93XJM1ogd4Y-73oM4jPMcGcNBlKKGMyoTKzNyZ1fH5u68y43UDM2-RPNopt4VHi6gO5QbtzT_bz-s1j6PYkMqzlGtDghNLzut7FLj0FOnY9GvblACER4T1EU9kq9xmVIAxka-faAOWWqssj-8pRZLiYtd_IF-k21grBQJyl2KQ=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">several services<\/a> have been tested and launched, ranging from ride sharing to healthcare to virtual reality.\u00a0<\/p>\n<p>\n        <b>ABOUT ICONLOOP<\/b><br \/>\n        <br \/>ICONLOOP (<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=aDcQyYwHdGBrOa7EVj6MeqQc3fTYpUXJSs5Vd-ggNxewhQ2S1NAYiTNdGlm8KdmZLd_zUx1lAM7TjEGV1WLWmnU-hLAesI8OI6dLVrUTPOQ=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">https:\/\/www.iconloop.com\/<\/a>) is a leading blockchain technology company in South Korea. The company\u2019s technology is used for real-world applications in banking, healthcare, government, and more. The Financial Services Commission (FSC) has approved ICONLOOP\u2019s decentralized identity (DID) authentication service into the \u2018Innovative Financial Services and Regulations Sandbox.\u2019 Headquartered in Seoul, the company has approximately 140 employees and raised over $15 million in funding from Korea Growth Investment Corporation (K-Growth), Kiwoom Investment, Danal Holdings, K-Clavis Investment, TS Investment, Korea Asset Investment Securities, and Pathfinder H.<\/p>\n<p \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODExOTA5NyMzOTAwNDU5IzUwMDA3MzI2Mg==\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/6c17c58a-1e40-452e-b6dd-e7d4f05b5505\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\">\n<pre>\r\nCOMPANY CONTACT: info@iconloop.com\r\n\r\nMEDIA CONTACT: Transform Group, icon@transformgroup.com<\/pre>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>South Korean Ministry of Science and ICT grants ICONLOOP permission to test decentralized identity tech\u2019s ability to prevent license forgery and protect personal data SEOUL, SOUTH KOREA , Dec. 31, 2020 (GLOBE NEWSWIRE) &#8212; Korea\u2019s leading enterprise blockchain technology company, ICONLOOP (https:\/\/www.iconloop.com\/en\/), today announced it is developing a blockchain-based mobile drivers license under regulatory sandbox approval in South Korea. South Korea\u2019s Ministry of Science and ICT granted ICONLOOP permission to test its Decentralized Identity (DID) technology on mobile driver\u2019s licenses with the goal of better preventing forgery and protecting personal data.\u00a0 In today\u2019s centralized system, driver\u2019s license information is stored on a single server, leaving it vulnerable to leaks or attacks. ICONLOOP\u2019s pioneering Decentralized Identity technology solves this, allowing people &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/iconloop-to-develop-blockchain-based-mobile-drivers-license-under-regulatory-sandbox-approval-in-south-korea\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;ICONLOOP to Develop Blockchain-Based Mobile Driver\u2019s License Under Regulatory Sandbox Approval in South Korea&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-406823","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ICONLOOP to Develop Blockchain-Based Mobile Driver\u2019s License Under Regulatory Sandbox Approval in South Korea - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/iconloop-to-develop-blockchain-based-mobile-drivers-license-under-regulatory-sandbox-approval-in-south-korea\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ICONLOOP to Develop Blockchain-Based Mobile Driver\u2019s License Under Regulatory Sandbox Approval in South Korea - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"South Korean Ministry of Science and ICT grants ICONLOOP permission to test decentralized identity tech\u2019s ability to prevent license forgery and protect personal data SEOUL, SOUTH KOREA , Dec. 31, 2020 (GLOBE NEWSWIRE) &#8212; Korea\u2019s leading enterprise blockchain technology company, ICONLOOP (https:\/\/www.iconloop.com\/en\/), today announced it is developing a blockchain-based mobile drivers license under regulatory sandbox approval in South Korea. South Korea\u2019s Ministry of Science and ICT granted ICONLOOP permission to test its Decentralized Identity (DID) technology on mobile driver\u2019s licenses with the goal of better preventing forgery and protecting personal data.\u00a0 In today\u2019s centralized system, driver\u2019s license information is stored on a single server, leaving it vulnerable to leaks or attacks. ICONLOOP\u2019s pioneering Decentralized Identity technology solves this, allowing people &hellip; Continue reading &quot;ICONLOOP to Develop Blockchain-Based Mobile Driver\u2019s License Under Regulatory Sandbox Approval in South Korea&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/iconloop-to-develop-blockchain-based-mobile-drivers-license-under-regulatory-sandbox-approval-in-south-korea\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-31T12:03:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODExOTA5NyMzOTAwNDU5IzUwMDA3MzI2Mg==\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/iconloop-to-develop-blockchain-based-mobile-drivers-license-under-regulatory-sandbox-approval-in-south-korea\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/iconloop-to-develop-blockchain-based-mobile-drivers-license-under-regulatory-sandbox-approval-in-south-korea\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"ICONLOOP to Develop Blockchain-Based Mobile Driver\u2019s License Under Regulatory Sandbox Approval in South Korea\",\"datePublished\":\"2020-12-31T12:03:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/iconloop-to-develop-blockchain-based-mobile-drivers-license-under-regulatory-sandbox-approval-in-south-korea\\\/\"},\"wordCount\":437,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/iconloop-to-develop-blockchain-based-mobile-drivers-license-under-regulatory-sandbox-approval-in-south-korea\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODExOTA5NyMzOTAwNDU5IzUwMDA3MzI2Mg==\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/iconloop-to-develop-blockchain-based-mobile-drivers-license-under-regulatory-sandbox-approval-in-south-korea\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/iconloop-to-develop-blockchain-based-mobile-drivers-license-under-regulatory-sandbox-approval-in-south-korea\\\/\",\"name\":\"ICONLOOP to Develop Blockchain-Based Mobile Driver\u2019s License Under Regulatory Sandbox Approval in South Korea - 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South Korea\u2019s Ministry of Science and ICT granted ICONLOOP permission to test its Decentralized Identity (DID) technology on mobile driver\u2019s licenses with the goal of better preventing forgery and protecting personal data.\u00a0 In today\u2019s centralized system, driver\u2019s license information is stored on a single server, leaving it vulnerable to leaks or attacks. 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