Blockchain startup ICON, in partnership with the Seoul government, has demonstrated the three main components of its blockchain platform.
ICON is building a decentralized network that allows independent blockchains with different governances to transact with one another without intermediaries. The company is vying to be the first to connect South Korea through a massive-scale blockchain. It is aiming to allow government departments, universities, hospitals, securities, banks and any private company to interact without third-party networks that charge transaction fees or delay the process.
During the recently held Blockchain International Digital Festival, hosted by the government of Seoul, ICON showcased three main components of its Blockchain Seoul project for the local residents. These include: ICON Blockchain Identification Card, ICON Blockchain Vote and ICON Blockchain S-Coin Payments. According to ICON, the blockchain-based services are designed to create a more reliable, democratic, and prosperous society.
The ICON Blockchain Identification Card allows users to create their digital IDs in just a few clicks. User registration involves filling out basic details, along with a webcam photo taken via a laptop. Once the registration is complete, the ICON ID Card is then transferred to the mobile phone after the user takes a photo of the QR code.
ICON ID Cards would allow residents to vote using ICON’s 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 casting their votes, residents would be rewarded in S-Coin, which had a pegging for 1 S-Coin = 1 Korean Won in the demonstration.
The ICON Blockchain S-Coin Payment system allows residents to spend S-Coin to pay for the product, and is configured to scan the product QR code in an offline venue to purchase the product immediately.
“We have prepared this promotion for citizens to feel more confident about the practicality of blockchain technology,” said JH Kim, CEO of ICONLOOP and Council Member of the ICON Foundation. “Blockchain technology will ensure privacy rights, realize direct democracy, and further promote the revitalization of local commercial and non-profit sectors in the form of local currency.”
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