Raonsecure; a Biometric services company has partnered with theloop; a blockchain company trough a memorandum of understanding to create an authentication system jointly by using he blockchain technology and FIDO (Fast Identity Online).
Theloop is synonymous with its ICON Network that provides a platform through which organizations in education, finance, healthcare and such notable industries can leverage blockchain for applications. Notably, Raonsecure happens to be part of the FIDO alliance. In fact, previous reports indicate that one of its executives co-chairs the FIDO Korea working group.
In a statement, the companies have intimated that there has been a constantly growing demand for integrated IDs based on FIDO and blockchain authentication. This revolutionary authentication system is meant to curb the security risks synonymous with centralized systems like banking service certificates. Through a previous announcement, FIDO made an announcement to the tune that it would provide its FIDO-certified TouchEN OnePass to Infinitium, an online payment firm.
With Raonsecure Alliance joining FIDO alliance last year, speculation was rife that the firm’s extensive business relations in Korea due to its expertise in biometric authentication would showcase its worth and become a powerful ally for the body tasked with authentication standards. Based on the firm’s collaboration with theloop, this speculation now gains more ground and this bodes just fine for Raonsecure’s ongoing partnership through its position, especially with the recent launch of FIDO Korea Working Group. Furthermore, it is a sign that the standards of FIDO are now taking root in Korea more than ever. In the wake of recent announcement on regulatory chance, a steady ascent is anticipated.