The Romance Between South Korea’s Government And Blockchain Startup ICONLOOP: Why It Matters To The Rest Of The World And Its Impact On ICX
A few hours before I wrote this article, I came across Butterfly Effect stories explaining how one small variable can lead to massive repercussions. It certainly can change one’s perspective of daily events. Take, for example, the partnership between South Korea’s government and a blockchain solutions provider called ICONLOOP. The partnership may look like a government trying to tap into more operational efficiencies. Still, if you dive deeper into things, you will realize just how much that partnership may steer the world towards a more exciting data-based future.
I find it interesting that the massive cryptocurrency market we have today and also the revolutionary blockchain technology started because someone was disappointed with the traditional system. They sought to make a difference, and what began as an idea has now materialized into an entire economy. ICONLOOP is one of the companies that has been riding on that wave of change that is powered by blockchain. Its focus is to develop solutions that will be embedded in a variety of industries to help them realize more efficiencies and be better adapted to a more connected and digitized future.
South Korea Will Tap Into The Blockchain To Leverage Growth
To understand how South Korea plans to achieve the goal of becoming a data-based society, we must look into a blockchain-based solution called MyID, which was created by ICONLOOP. The solution will be powered by ICONLOOP’s public blockchain known as ICON, and it will focus on three main aspects.
· Creating solutions that will help solve user-inconveniences.
· Create business solutions that will mainly focus on authentication. It will be ideal for sectors such as banking.
· Create a globalized ID system that will be business-based, and it will help to digitize IDs across the world.
ICONLOOP has also been teaming up with companies from different industries through the MyID Alliance. So far, 47 firms have joined the alliance. If executed correctly, MyID might be a useful tool towards making concepts such as cashless cities, connected cities, and smart cities. You are probably wondering how this ties into a data-based future. Well, the companies in the MyID Alliance will develop products and services that have MyID incorporated within those products and services.
The digital ID solution will also make everyday things easier, like ID verification at an airport or payment verification. The goal is to use the IDs in a variety of industries, including education, manufacturing, commerce, and banking, among others. The South Korean government has also endorsed MyID, and the Financial Services Commission has even described it as the only ID verification solution in South Korea that is safe for the financial sector.
Note that all the transactions for the firms involved in the alliance and also the government’s blockchain-based services will be operated on the ICON network. So far, ICONLOOP has teamed up with numerous companies over the past two years to connect the ICON network with segments such as authentication requirements for local governments, transport services, higher education certification, health records, and bank records.
ID verification is a global affair
MyID has a potentially massive market across the globe, especially considering its target industries. Many blockchain-based solutions promise to benefit critical sectors such as Banking, but ICONLOOP’s offering is one to look out for. It is because it has already collaborated with firms from different industries, and more importantly, it is backed by South Korea’s government.
ICONLOOP’s solution is thus in a strategic position to leverage exponential growth since it already signed some partners on board, and this is enough to convince other key players to jump on board. Speaking of key players, major organizations such as MasterCard, Visa, the United Nations, and LG Group might jump on the MyID train this year because it aligns with their digital transformation agenda.
Powering digital transformation
In a way, ICONLOOP is helping to build the critical pillars of digital transformation through its solutions that are based on the ICON network, and more so MyID. It means that the solution will be embedded in products and solutions, especially those that need highly secure verification features.
Visa and MasterCard are increasingly finding the concept of smart cities more appealing, and they want to jump on the opportunities because they are ideal solutions for cashless cities. They are fast and easy to access, as well as available globally, so it makes sense to use platforms that are already available. MasterCard and Visa would also kick things a notch higher as far as security is concerned through MyID. The partnerships would help make payment systems more efficient while avoiding the inefficiencies of using cash. It would thus be no surprise if they announced collaborations with ICONLOOP.
The UN also ties into the story courtesy of its Understand Agenda 21 action plan, which was unveiled in its Earth Summit held in Brazil in 1992. There is no doubt that Agenda 21 has been taking shape over the past few years, especially with companies like Airbnb and Uber bringing something fresh to the market and dominating their respective industries.
Samsung is mostly known for its electronic devices. Still, few are aware that it is currently leading the charge in the transportation industry thanks to its fleet management and transportation solutions. ICONLOOP and South Korea will use Idemia and Samsung Pay to make digital identity a reality for the country’s citizens. South Korea also plans to launch a new digital currency called S-Coin. It will be released this year, and it will be the country’s first central bank-backed cryptocurrency.
LG Group also has a significant part in the digital transportation narrative through its subsidiary, LG CNS. The latter offers the best information technology solutions in the Korean market. You can imagine the level of efficiency and synergy that these companies can achieve when they come together under the MyID Alliance. It is just a tip of the proverbial iceberg of the reasons behind South Korea’s government’s support for ICONLOOP.
Why is all this happening now?
The more straightforward answer would be, why not now. Technology that has the potential to change the future for the better is now available thanks to companies like ICONLOOP, and now is the best time to start laying the foundations of that future. South Korea recognizes the positive potential implications of adopting this technology and the efficiencies that come with it. Thus its decision to invest heavily in the technology. South Korea’s government anticipates improvement to the country, and it also hopes that the solutions will also expand globally so that other countries can also enjoy the benefits that are there to be had.
The Impact on ICX
The current developments involving the ICON blockchain and ICONLOOP’s partnership with the South Korean government, as well as other companies, have so far had a significant impact on ICX Coin. The latter is the native cryptocurrency for the ICON network.
ICX held the 34th spot on Coinmarketcap at the time of this press while its 24-hour trading volume was slightly above$154 million. The cryptocurrency surged by more than350% since the start of 2020, allowing it to rise in the crypto rankings.
ICX’s impressive growth reflects on the current positive developments involving the ICON network. If you have not invested in ICX yet, now might be the ideal time to do so. It is because ICONLOOP has already set the ball rolling and the substantial support from the South Korean government plus the fast-paced developments will likely act as catalysts for more growth in the future. ICX will likely continue to grow in line with those developments. At this rate, ICONLOOP will soon be worth billions of dollars.
Creating a utopia in a world that is constantly becoming more complex will not depend on random, unplanned events, as is the case with the butterfly effect. It will be the result of careful planning and taking the necessary steps to get there. South Korea is one of the countries that are currently seeking those steps. Major systems in cities such as transport and data systems will enjoy massive improvements through the ICON network, and these steps will go a long way in helping the world to become more digitized.
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HypoICON (ICON P-Rep)