Recently, ICONists were treated to some great news. POSTECH, one of South Korea’s top universities along with Saramin, South Korea’s largest HR recruiting company will both begin using broof to issue graduate diplomas as well as verify and issue work certificates.
Often times, we’re accustomed to ICONLOOP news which “has no perceived effect” for the public chain - at least, one that can be immediately realized through a token price increase and subsequently, higher market cap valuation. This mentality has been pervasive throughout the ICON community and it’s objectively far from the case here.
For starters, broof operates directly on the ICON public chain, thus ICX will be used for any and all transactions for services utilizing broof.
Back in August of 2019, we saw the first use case of broof with “ARTnGUIDE”, a service platform for co-purchasing works of art operated by Yeolmae Company.
‘broof’, which is applied to ‘ARTnGUIDE’, is ICONLOOP’s blockchain-based certificate issuance service that supports certificate issuance, storage, and prevention of falsification based on the ICON public blockchain network”.
Recently, we learned that there are two new entities who will be using broof and subsequently, generate guaranteed ICX transactions. To understand the magnitude of potential usage for the public chain, POSTECH currently has roughly 3,200 students according to US News.
Additionally, it’s important to note that the other entity, Saramin has recently joined the My-ID Alliance. With this in mind, there is quite possibly a little more going on behind the scenes. Perhaps broof could be used as a way to issue certificates that can be tied to an individual’s identity, involving My-ID. Given that Saramin is listed on KOSDAQ and has reported millions in revenue for 2019, that could convert to significant usage of the public chain.
Dr. ICON had a few words to say when we reached out to him to comment on the significance of the POSTECH news.
The significance of this is that now we have Postech students as customers and they are using public blockchain without noticing it. Since Postech is one of the best tech colleges in Korea, many other colleges could use BROOF as their certificate system and we are actually working on that.
In Korea people are very skeptical about public blockchain and the benefits of it. It is a good way for people to get familiar with public blockchain. Plus we could get a lot of transactions from there too.
ICONLOOP’s blockchain-based certificate issuance service, broof operates directly on the ICON public chain. Thus, any transactions that incur from services using BROOF will benefit the public chain and require ICX. If ICON can convince an educational institution to use broof, it is not far fetched to conclude that more and more will likely follow over due time. From that, we can further conclude that the age old adage of “ICON is only focused on ICONLOOP” is categorically inaccurate as we are witnessing strides being taken to increase public chain usage and adoption.