The developer of the Korean blockchain project ICON, ICONLOOP announced the integration of its technology into the SBI Savings Bank identity authentication service. According to the publication, SBI Simple Authentication will be the first authentication service on the blockchain in the South Korean savings banking industry.
The application will allow you to authenticate using a PIN or fingerprint. The authentication information will be stored by SBI nodes, and the ICORELOOP system of smart contracts SCORE will be used to verify it.
Both companies participating in the project hope that they will be able to increase the safety of the proposed product using the blockchain. ICONLOOP has been working with SBI Savings Bank since November 2018. In addition to authentication, their collaboration involves certification of electronic documents.
Blockchain-based ‘SBI Simple Authentication’ has the opportunity to be a leading solution in financial markets to enhance both convenience and safety by applying blockchain to services that are actually being used. ICONLOOP will work closely with SBI Savings Bank to find synergies in various fields and provide differentiating solutions.
In early March, ICON introduced a standard for the issue of tokenized securities on the blockchain.