ICONLOOP to Develop Blockchain-Based Mobile Driver’s License Under Regulatory Sandbox Approval in South Korea

South Korean Ministry of Science and ICT grants ICONLOOP permission to test decentralized identity tech’s ability to prevent license forgery and protect personal data

Korea’s leading enterprise blockchain technology company, ICONLOOP, announced it is developing a blockchain-based mobile drivers license under regulatory sandbox approval in South Korea. South Korea’s Ministry of Science and ICT granted ICONLOOP permission to test its Decentralized Identity (DID) technology on mobile driver’s licenses with the goal of better preventing forgery and protecting personal data.

Recommended AI News: Searchlight Capital Partners and ForgeLight Complete Acquisition of Majority Stake in Univision

In today’s centralized system, driver’s license information is stored on a single server, leaving it vulnerable to leaks or attacks. ICONLOOP’s 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.

“ICONLOOP 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,” said Jonghyup Kim, CEO of ICONLOOP. “We are happy to work closely with regulators in South Korea to support efforts to responsibly manage and protect citizens’ personal data through advances in technology.”

Recommended AI News: Sesame Software Announces Fully Automated Connectors to Accelerate Data Loading Into Amazon Redshift

Mobile driver’s licenses are one of many use cases for ICONLOOP’s 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’ credentials. DID technology offers significant advantages to both organizations and end users in maintaining the safety of personal data.

ICONLOOP’s mobile driver’s licenses are expected to be released in the second half of 2021. Since the adoption of the ICT Regulatory Sandbox, several services have been tested and launched, ranging from ride sharing to healthcare to virtual reality.

Recommended AI News: Contentsquare Appoints Travis Burke as Global VP of Corporate Development