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ICONLOOP Integrates Blockchain-Powered Authentication for SBI Savings Bank

ICONLOOP launches ‘SBI Simple Authentication’ system after a half-a-year collaboration with SBI Savings Bank

ICONLOOP and Korea-based SBI Savings Bank have been working together since late autumn 2018 to build a blockchain-based solution for customer authentication, timestamping and certifying electronic documents.

So far, the two projects have launched a DLT-based personal authentication mechanism. The new system is available for public use.

SBI’s blockchain-based customer PIN

In collaboration with ICONLOOP, SBI bank has created a mobile smart app which customers can use for personal authentication. They can do it by means of a personal identification number (PIN) or using their fingerprints. The app is dubbed ‘SBI Simple Authentication’.

The new app provides a higher security level ensured by blockchain. Besides, it enables customers to easily send their funds by simply applying a fingerprint or using a PIN with no need for utilizing a security card, public certificate or even a one-time password.

Particularly for this project, ICONLOOP has
developed a smart contract-based environment, which allows verifying customers’
ID data without any certification authorities by simply using a consensus from
nodes of the bank’s DLT server.

The mechanism also includes a structure for
public and private keys and follows the FIDO-based standards for biometric
authentication.

The new system is very similar to the already
existing scheme of using PINs and fingerprint authentication. The only
difference is that it is now based on blockchain.

New level of security

Both SBI bank and ICONLOOP believe that the
bank’s security system will be greatly improved through using blockchain. It
will prevent fraudsters from providing false data or misusing certificates.
Besides, they expect to provide a better user experience, since customers will
not have to install any extra plug-ins for security.

In the long-term prospect, the timestamping system run on the ICONLOOP blockchain will cut down costs in the use of public certificates.

Rushing for blockchain integration

SBI bank and ICONLOOP have been cooperating
since November last year in the sphere of electronic documents certification
and striving to create a blockchain-powered authentication system.

Currently, the SBI staff are busy putting all draft documentation onto the ICONLOOP-based system of document verification. The system will confirm that the files are not damaged.

SBI Savings Bank operates the largest amount of financial assets totalling $6 trillion. The bank is integrating blockchain and AI technologies as a response to the fast changing financial and banking environment and the massive development of DLT and cryptocurrencies.

The post ICONLOOP Integrates Blockchain-Powered Authentication for SBI Savings Bank appeared first on Ethereum World News.

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ICON (ICX) Jumps 25%, ICONLOOP Gets Government Recognition

Cryptocurrency markets have been pretty flat over the weekend with no major movements for the top two, Bitcoin and Ethereum. A couple the altcoins have done very well however and one of them is ICON.

Often dubbed the Ethereum of South Korea, ICON has been making some big moves over the past week. ICX has been one of the best performing altcoins over the past couple of days. According to an ICON Foundation medium post its recently rebranded technology partner, ICONLOOP, has been selected to participate in ‘Cultivating Innovative Youth Talents 2018’ supervised by the Korea Ministry of Science and ICT (MSIT) and the Korea Institute for Information & communications Technology Promotion (IITP).

It is a large-scale government backed public project which aims at strengthening national competitiveness in technologies and solving the unemployment problem through the cultivation of youth talent. With around $100 million in government funding expected over the next four years the news is positive for ICONLOOP which will be working closely with 53 members. For the next six months ICONLOOP will be providing a thousand hours of intensive curriculum for students at Baekseok University.

CEO of ICONLOOP and council member of the ICON Foundation, J.H. Kim, addressed the rebranding stating;

“The rebranding makes a lot of sense as we are now finally ready to push the ICON project here in Korea. Our team is fully committed to contributing to the ICON project and servicing the ICON Foundation,”

ICX is currently trading 25% higher on the day at $0.912 according to coinmarketcap.com. Over the week ICX has made a 40% recovery from $0.648 this time last Monday as trade volume has surged from $16 million to $84 million per day. ICON is still down 27% on the month though; it was trading at $1.26 this time last month. ICX reached an all-time high of over $12 in January so looking at current levels this altcoin is massively undervalued.

The team has also announced a $5 million coin buyback scheme which was unanimously voted by the members of the council. The effort assures the community of ICON’s commitment to developing value for the token holder. ICON Foundation Council Member, Min Kim, added;

“ICX repurchase program is a great way to give back to our community as well as reinforce confidence in our own project. In these times of uncertainty, we want to make it clear that our interests are fully aligned with our community for the long term.”

Judging by recent performance ICX could already be on the way to a speedy recovery.

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