ICON (ICX) presented three key components of its blockchain ecosystem. Following its initiative to connect South Korea and the ICON ecosystem, the project presented three blockchain apps. According to a blog post issued by the company, ICON showed its project Blockchain Seoul with the Seoul government. The demonstration was conducted at the Blockchain International Digital Festival.
ICON presents its Blockchain solutions for Seoul
The three initiatives for residents of Seoul are an identity card, a voting system and a payment gateway. The main intention is to create a more democratic and prosperous society.
With ICON's Citizen Blockchain ID card, users can start with a digital recording. The user must provide basic details about himself and take a picture using a laptop. After that, the ICON ID Card is transferred to the mobile phone once the user takes a picture of the QR code.
The second application is the ICON Blockchain Vote. Once the user has created an identity card, he or she will be able to vote using the ICON voting system. Once the vote is taken, residents can be rewarded with the S-Coin currency. As per the official press release, the S-Coin appears to be paired 1: 1 with the Korean won. In order to build this "Next Generation Electoral System", the company worked in collaboration with the Korean National Agency for Information Society and the Korean National Electoral Commission.
The third application that was presented at the event was ICON Blockchain S-Coin Payments. The S-Coin payment system would allow users to scan a QR code of a product. After that, the user will be able to have the product details on his smartphone.
After that, the payment for the product will be made using the application that the user has downloaded.
ICON is currently the 37th most valuable virtual currency on the market. It has a market capitalization of $ 241 million and each ICX token can be purchased for $ 0.622 dollars. However, at the beginning of the year, this virtual currency was worth more than $ 12 dollars.
Carlos is an international relations analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other major cryptocurrency sites; with over 2,000 published articles.