South Korean Firm, ICONLOOP to Launch Blockchain-based Driver’s License

  • ICONLOOP has announced to launch a blockchain-based Driver’s License in the country
  • The South Korean Ministry has approved the firm to test Decentralized Identity (DID) technology utilized to make license
  • The firm will release the blockchain based Driver’s License in the first half of 2021

ICONLOOP, a blockchain technology firm based in South Korea, has announced releasing a mobile Driver’s License based on blockchain. With the launch of a blockchain-based license, the company aims to make the document forgery free and better safeguard customers’ data. 

According to a published statement, South Korea’s Ministry of Science and ICT (Information and Communication Technology) has approved the Blockchain Tech company to test the latest Decentralized Identity (DID) technology. 

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ICONLOOP is all forces to launch the mobile driver’s license in the second half of 2021. An exact date for launch is yet to be announced. 

What is ICONLOOP’s DID technology?

With the firm’s DID technology, the patrons can store their personal information and data in the Zeung mobile app. Whereas in the present scenario, the users store personal data via an encapsulated public server. These servers are easy to hack and get ruptured, making us lose all the private data. The ZZeung app provides users with an advanced retailing medium on their cell phones to manage their personal information. The app is safer and secure compared to the servers utilized right now. 

The DID technology is already under utilization by the government of Jeju Island for tapping the contacts. The technology is advantageous for both organizations and individuals. 

The Blockchain-based Driver’s License

The driving license we used to possess offline in a physical document form is available online through blockchain. ICONLOOP CEO Jonghyup Kim mentioned in a press release that the firm focuses on self-sovereignty of individual data. 

Global technological growth is evident, and the mass is significantly embracing these advancements!

Bitcoin (BTC) surges down to $30,000

Bitcoin (BTC) hit an all-time high of $34,000 on January 3, 2021, but soon swirled down to $30,000 on January 4. Though the crypto encountered a 12% drop, it surged back to $32,264 today. 

Jason Deane, a Quantum Economics analyst, mentioned that BTC price might surge up and down, but any correction in the crypto will not last for a longer time frame. Still, the investors and crypto fans seem to have got an optimistic approach for the favourable price surge of BTC.

Binance CEO of United States, Catherine Coley, prophesied BTC to hit $75,000 to $100,000 by the end of 2021! 

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Ritika Sharmahttp://www.thecoinrepublic.com
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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