ICON presents three Blockchain services for residents of Seoul
The startup blockchain ICON, in collaboration with the Seoul government, demonstrated the three main components of its blockchain platform.
ICON is building a decentralized network that allows independent blockchains with different administrations to negotiate with each other without intermediaries. The company is competing to be the first to connect South Korea through a large-scale blockchain. Its goal is to allow government departments, universities, hospitals, securities, banks and any private company to interact without third-party networks charging transaction fees or delaying the process.
During the recent Blockchain International Digital Festival, hosted by the Seoul government, ICON presented 3 main components of the Blockchain Seoul project for local residents. These include: ICON Blockchain Identification Card, ICON Blockchain Vote and ICON Blockchain S-Coin Payments. According to ICON, blockchain-based services are designed to create a more reliable, democratic and prosperous society.
The ICON Blockchain Identification Card allows users to create their own digital IDs in just a few clicks. Registering the user involves compiling basic details, along with a photo of the webcam taken using a laptop. Once registration is complete, the ICON ID Card is then transferred to the mobile phone after the user has taken a picture of the QR code.
ICON ID Cards would allow residents to vote using the ICON voting system, which is the result of ICONLOOP's collaboration with the Korea National Information Society Agency and the Korea National Election Commission to build the "Next Generation Election System." After voting, the residents would be awarded in S-Coin, which had a peg for 1 S-Coin = 1 Korean won in the demonstration.
The ICON Blockchain S-Coin payment system will allow residents to spend S-Coin to pay for the product and is configured to scan the QR code of the product at an offline location to purchase the product immediately.
"We have prepared this promotion so that citizens feel more confident about the practicality of blockchain technology," said JH Kim, CEO of ICONLOOP and a member of the ICON Foundation Board. "Blockchain technology will guarantee privacy rights, realize direct democracy and further promote the revitalization of local commercial and non-profit sectors in the form of local currency".