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ICONLOOP & SBI Join Hands to Launch Blockchain Based Pe...

ICONLOOP & SBI Join Hands to Launch Blockchain Based Personal Authentication Services

ICONLOOP has partnered with SBI Savings Bank to release blockchain-based Personal Authentication Services.
It’s merry time for Korean banking industry as it SBI Simple Authentication – the first blockchain-based authentication service – opens to the public. ICONLOOP has finally integrated its blockchain technology to personal authentication service of SBI Savings Bank. Since November 2018, both the companies have been consistently making efforts to integrate blockchain technology to personal authentication, electronic document certification, and time stamping.
The mobile smart banking application of SBI Savings Bank helps users to validate blockchain-based personal identification number (PIN) or fingerprints through ‘SBI Simple Authentication.’ This new service also allows users to log in and initiate quick transfers by using a PIN or fingerprint without a public certificate, security card, or one-time password (OTP).
Key Features of Blockchain-based ‘SBI Simple Authentication’:
• Implemented by storing PIN or fingerprint authentication information that conforms with the nodes of the SBI blockchain server
• During certificate issuance, it uses ‘SCORE’ to verify the data integrity. ‘SCORE’ is a smart contract environment developed by ICONLOOP
• Integration of private and public key structure ensures a safer user authentication process
• Compatible with the existing certification standards
• Supports biometric authentication as it follows the FIDO standards
Benefits to Users
• Registered Users can transfer money by selecting ‘PIN authentication’ or ‘fingerprint authentication
• The new customers can set ‘authentication’ after completing the registration process
• An easy-to-use ‘user interface’ (UX) so that users without an understanding of blockchain technology can comfortably use it
The use of blockchain technology will provide enhanced security as no one would be able to mislead information and misuse the certificates. As it is not required to install separate security plug-ins, it offers higher customer satisfaction.
On this occasion, Jonghyup Kim, CEO of ICONLOOP, stated, that ‘SBI Simple Authentication’ is going to be a leading solution for financial markets offering ease of convenience and ensuring safety by applying blockchain to existing services.
According to Eunhwa Lee, Director of the Fintech task force at SBI Savings Bank, “The new service based on ICONLOOP’s blockchain technology is set to bolster our competitiveness in financial services. By introducing various technologies to lead the financial industry, SBI Savings Bank expects to offer new benefits to customers and create new market opportunities.”
SBI Savings Bank tops the list in Korea in terms of assets, reaching 6 trillion dollars (USD) in September 2018. Since 2016, it has been developing diverse services that incorporate IT and FinTech, including AI and blockchain, to adapt to a rapidly changing financial environment.
Japanese conglomerate, SBI Holdings is manufacturing crypto mining chips and systems and has established a new subsidiary – SBI Mining Chip Co. (SBIMC) for the same. A part of SBI’s digital assets-related business, SBIMC will be manufacturing cryptocurrency miners in partnership with an unnamed large semiconductor enterprise in the U.S. The former NASA veteran Adam Traidman will be leading this new venture.
The SBI Group actively promote cryptocurrency exchange and other blockchain related businesses. SBI Holdings runs a diverse-range of cryptocurrency businesses, and crypto exchange VCTrade is among them. Though there has been stagnation in the crypto mining industry, but miners are still speculating higher growth in the industry, with Canaan, Bitmain and Ebang pushing for public funding and listing their businesses.


Manisha is a freelance journalist with a passion for writing about food, travel, business, cryptocurrency and blockchain. Her interests are varied and her language is clean and descriptive.

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