ICON Chain ID, First Blockchain Joint Authentication Service of the Market, is Here

The ICON team broke wind of the Chain ID, a new project by the Korea Financial Investment Association (KOFIA) and Samsung Electronics, was announced today. the device will be the first joint authentication service using blockchain technology to be released in the market and be incorporated into Samsung’s “Samsung Pass” service.

It will be developed using the loopchain technology, which is already used in 11 security companies in Korea.

Financial Companies In South Korea Are Starting To Move Away From Centralized Authentication

At the moment South Korea is having many discussions on whether to change its authentication systems or not. The use of “Certified Certificates”, which are issued by centralized authorities via digital signatures are starting to become obsolete with the new blockchain technology.

This has been sparking debate on the financial institutions of the country because some of them are hoping to move away from the old systems and start to use new systems. Chain ID was created in this context and might prove to be a central player in the upcoming events.

The creators of the application hope that more companies and even different industries might use this type of technology in the future. The main issue, they state, is that the Certified Certificates are universal but inconvenient at the same time, while the private ones are not universal but more convenient. Both types are limited.

Chain ID will be important in the discussion because the blockchain allows the information to be stored in a decentralized way in a public ledger, which can make the certificates universal at the same time that they will not be as private as the current versions of the system.

Will ICON's Chain ID Solve Korea’s Problem?

The creators of the app stated on a recent article that the new system has many benefits for both users and corporations because they are more efficient than the governmental ones and they also be suitable for the company’s needs.

Due to lack of trust, the article states, it was impossible to use these certificates before but the blockchain technology has enabled the companies to put all the vital information on a public ledger, which can be a game-changer. Will this solve the discussion? It is too early to tell, but Samsung seems to have a gold mine on its hands.