The wide-open decentralized ID market is in ICON's grasp.
By now, most people invested in ICON know the primary long-term goal of the project: interoperability. From its inception, ICON has been building a technology to allow disparate blockchains to communicate and transact among one another. That still remains the objective and will for the long-term.
Meanwhile, the ICON project has evolved to a degree – it’s no longer solely focused on interoperability. It’s evolved to accommodate a number of other developments including decentralized applications (DApps), the ongoing development of a security token, and decentralized identification (DID).
It’s this last category that, over the past few months, has seemingly picked up the most steam.
This week, ICON’s newsletter summarized four current uses of DID, all of which utilize the ICON public chain (and thus require $ICX):
ICONLOOP, the main company behind the ICON project, is bringing enterprise adoption to the ICON Network with Decentralized ID (‘DID’) applications. This week, let’s take a look at 4 Decentralized ID (‘DID’) related projects our team has built or is currently working on.
‘My-ID’: Bank-grade Digital ID card approved by Korean financial regulators. Imagine being able to carry your Driver’s License or Passport on your mobile phone. The product is being developed with 47 enterprise partners. Uses include opening financial accounts, digital payment with improved verification, and checking into hotel rooms.
#broof: Digital certificate issuance and verification service that is complementary with ‘My-ID’. The product is being used or live-tested by 15+ customers. Uses include authenticating employment, education degrees, and art pieces.
‘VisitMe’: Digital guest pass management for enterprise. The product has just entered beta and began live-testing at our very own ICON HQ in Seoul, Korea.
Meeting Room: Room reservation system for enterprise. The product is being used internally by ICONLOOP. The system manages 14 meeting rooms for 150+ employees using ICON’s public blockchain.
In this article, I’ll touch upon each of these and explore the possible market opportunity available for each.
This is likely ICON’s most well-known use of decentralized identification. Simply put, my-ID is the equivalent of having your most important identifying documents (along with others), on your phone at all times, in a manner that can’t be hacked or manipulated due to the fact they are implanted upon a blockchain. This is one of the more obvious use cases for blockchain, but the fact that ICON has received regulatory approval for this technology gives them a key leg up among any potential competitors, at least in Korea.
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