The Financial Services Commission (FSC) of South Korea has chosen ICONLOOP’s ID verification solution, or so-called ‘my-ID’, to integrate into their Financial Services and Regulations Sandbox.
The FSC is South Korea’s top financial regulator and the Regulations Sandbox was created under a special law named Financial Innovation Support Special Law.
The announcement was made today by ICON on Twitter:
“The Financial Services Commission, South Korean government’s top financial regulator, has approved ICONLOOP’s blockchain-based digital identity authentication service codenamed “my-ID” into its Fintech Sandbox!”
They chose my-ID due to its ease of use, and because it has tremendous potential in other areas such as services, logging online, legal stuff, etc.
A Blockchain ID verification system also prevents info leaks and is quicker than the traditional ways; just imagine taking ID pictures, sending them, waiting for approval and the possible risk of data being hijacked by hackers.
This is another case of adoption and we should definitely keep an eye on ICON(ICX) since it is one of the projects that it’s here to stay for the long run, or that’s how it looks to me.