ICON (ICX): A Deep Dive Into Enterprise and Consumer Use Cases
ICON is continuing to deploy real-world blockchain technologies to help with disease management, ID verification, payments, DeFi, NFTs, and other challenges.
Enterprise blockchain adoption has been a primary goal in South Korea since the debut of the ICON project.
The ICON Network has helped some of the country’s top organizations, including the Seoul Metropolitan Government, Danal (KOSDAQ: 064260), and the Pohang University of Science and Technology (POSTECH). The Jeju Island Government and Shinhan Bank are both using Zzeung, a decentralized identity (DID) system.
In addition, consumer use cases for ICON, including as DeFi and NFT applications, are growing.
- Decentralized Identity
- ICON Blockchain’s Digital Certificate
- ICON Network’s Digital Pass
- ICON Blockchain Payments via ICX Coin
- Decentralized Finance on the ICON Blockchain
- ICON Network’s Non-Fungible Tokens
- Additional Uses Cases and Related Technology
ICONLOOP, a South Korean blockchain technology firm, has released various enterprise-focused applications that employ ICON’s public blockchain technology and native token ICX.
Decentralized identity (DID) is the company’s principal business. Zzeung, an identity authentication, and management solution is the company’s flagship product.
The Financial Services Commission (FSC) granted ICONLOOP an exclusive license to provide DID services to enterprise customers in South Korea. Samsung Electronics, Naver Cloud, and Bithumb Exchange are among the more than 70 enterprise members of the MyID Alliance, Korea’s largest DID consortium.
ChainID, the world’s first blockchain-based joint authentication service for the financial services industry, was developed by ICONLOOP and the Korea Financial Investment Association (KOFIA) in early 2018.
The ChainID financial identity authentication architecture has evolved into the MyID financial identity authentication architecture, which is now employed in Zzeung.
ICONLOOP announced the establishment of the MyID Alliance in November 2019, with the initial use case being to use MyID to improve the efficiency and transparency of Know Your Customer (KYC) verification processes in the financial services industry.
Users can securely save authentication information on their mobile devices with Zzeung. Zzeung is currently utilized when opening an online financial account for non-face-to-face biometric verification (facial recognition).
After its initial use, authentication data is retained and safeguarded via the ICON Network. Users can then open a new financial account anywhere in the world in a number of minutes.
Shinhan Bank, South Korea’s second-largest commercial bank with assets of $375 billion, chose Zzeung to establish the country’s first blockchain-based financial KYC authentication service in August 2020.
Outside of the financial services business, Zzeung has larger uses. Jeju Island, South Korea, chose Zzeung for private and secure COVID-19 contact tracing in August 2020.
The ICON initiative aims to preserve the health and safety of Jeju Island’s 15 million annual visitors while also safeguarding personal identity and privacy. In our daily lives, the capacity to prove one’s identity swiftly and confidentially is essential.
Healthcare, insurance, banking, voting, passport eligibility, and other applications all rely on our identity’s security and accessibility.
ICON Blockchain’s Digital Certificate
ICONLOOP’s Broof is a digital certificate management solution. It allows you to create, store, and verify digital certificates. The ICON Network ensures that each digital certificate is one-of-a-kind, preventing any potential forgery. The Seoul Metropolitan Government was an early user of the Broof prototype, assisting in its testing.
The Seoul Metropolitan Government used the ICON Network to choose members of its ‘Blockchain Governance Team’ in February 2019.
This was the first time a Korean government agency interacted with a public blockchain network in an official capacity.
Since its inception in May 2019, Broof has been used by some of the world’s most prestigious educational institutions to award graduate diplomas and qualification certificates.
The Pohang University of Science and Technology (POSTECH) awarded Broof diplomas to 828 new graduates in February 2020. The institution canceled its graduation ceremony due to the fear of the coronavirus and instead offered students the option of receiving their degrees online.
Furthermore, Fast Campus, Korea’s largest online institution, has lately begun using Broof to send out qualification certificates to students who have finished their courses.
Saramin HR, Korea’s largest online job search portal, started employing Broof to verify candidates’ academic and professional qualifications in September 2020. Broof allows job seekers to upload and link all of their official certifications, such as college diplomas and transcripts.
These official certifications’ digital counterparts are tamper-proof, and validated copies can be quickly sent to companies or other interested parties.
ICON Network’s Digital Pass
ICONLOOP’s VisitMe is a visitor check-in and management solution. The service is intended to make the registration, check-in, and monitoring of visitors easier.
It makes use of the MyID architecture and the ICON Network to verify that each visitor pass is one-of-a-kind and that no copies exist.
VisitMe will have achieved 100,000 customers and over 1,000 businesses using the service by the end of September 2020. Local cafes, restaurants, clinics, workplaces, and large hotels such as Hilton and Conrad are among them.
During the COVID-19 pandemic, ICONLOOP began providing VisitMe services to local buildings and companies in South Korea at free cost.
ICON Blockchain Payments via ICX Coin
Danal Fintech, a subsidiary of Korea’s largest mobile payment provider Danal Co., is leading the ICON Network’s native coin ICX’s payment adoption initiatives. Danal Fintech announced intentions to integrate ICX into Paycoin, its worldwide payments and remittance mobile app, on November 11, 2020.
Outside of Danal Fintech’s native PCI tokens, ICX is the first cryptocurrency to be integrated into Paycoin. Paycoin users will be able to pay in ICX at any of Danal’s 60,000 merchant partners, which include fast-food chains KFC and Domino’s Pizza.
Decentralized Finance on the ICON Blockchain
The fastest-growing component of the blockchain industry is decentralized finance (DeFi). In the ICON Network’s developing DeFi ecosystem, ICX is used as collateral.
Holders of the ICX can use it as collateral to borrow other assets. Bonds, the fundamental driver of world economies, are now part of the ICON Network thanks to this much-needed ecosystem. Balanced Network is a DeFi collaboration by four ICON Network Public Representatives (P-Reps) to produce tokens tied to real-world assets like the US dollar.
Another DeFi collaboration between three P-Reps is Open Money Market, which aims to create a money market where anybody may lend and borrow assets, receive interest, and own a piece of the protocol.
More DeFi collaborations are in the works among the ICON community members.
The Orbit Bridge is added to the ICON Network’s DeFi ecosystem in December 2020, allowing Ethereum-based digital assets to be transferred onto the ICON Network. By linking assets between multiple blockchains and introducing additional economic activity to the ICON Network, this integration adds value to the network.
Traders can now profit from arbitrage opportunities, while DeFi projects built on ICON can now facilitate asset borrowing and lending over several networks and bridges. It’s worth noting that the ICON Network’s DeFi products are highly focused on the user experience.
Even among cryptocurrency users, DeFi devices are used by a small fraction of people because they are tough to understand and even more difficult to utilize. ICON’s DeFi solutions put the consumer first and simplify some of the more perplexing parts of blockchain technology.
ICON Network’s Non-Fungible Tokens
NFTs denote unique ownership of distinguishable and non-fungible digital or physical assets. NFTs can represent a wide range of assets, including real properties and virtual assets.
The IRC-3 non-fungible token standard was created for the ICON Network in July 2020 in order to facilitate the mass adoption of non-fungible assets and digital collectibles.
The Block42 P-Rep team used this standard to build the STIN project, which allowed the ICON Network to confirm the authenticity of 999 bottles of limited-edition gin. STIN relies on an Infineon-powered contactless crypto-chip that stores a one-of-a-kind public-private keypair.
This chip was carefully hand-applied to the bottle during the labeling procedure in such a way that it could not be easily changed later.
Anyone may verify the limited edition authenticity of the 999 bottles on the public blockchain thanks to the chip’s digital signature. On the ICON Network, all bottles that will ever be made are safely kept.
The ICON Forge P-Rep team’s Project Nebula uses the IRC-3 non-fungible token standard for its online game universe, which features an increasing number of completely distinct digital artifacts, each with its own design, story, and resources.
The game is yet to be finished, with a projected release date of March 2021. However, in October 2020, they held a pre-sale for its NFT planets, and all 99 of them were sold out in under four minutes.
The first planet NFT was sold for 5009 ICX, which is around $1,750 USD. For a few applications, the IRC-3 non-fungible token standard has worked successfully, but the difficulty is that it is not scalable because each asset has its own contract. As a result, the Staky P-Rep team is working on a new IRC-30 non-fungible token standard.
Craft Network, a decentralized marketplace for all NFTs, is expected to launch in 2021, according to the developers.
Additional Uses Cases and Related Technology
On the ICON Network, a range of cutting-edge solutions are being developed to improve data transparency, efficiency, immutability, and usability for a variety of businesses and services. The following are some examples of these systems:
- E-Government System: ICONLOOP is currently working on a system that will allow citizens to interact with the government electronically. This approach attempts to empower multiple jurisdictions, from cities to nations, to use information and communication technology (ICT) and business process re-engineering(BPR) to facilitate public participation.
- Next Generation Election System: ICONLOOP is striving to improve the Korean electoral system’s transparency and efficiency. In Korea, the company wants to use this technology at the local, regional, and national levels.
- Chronic Disease Management System: ICONLOOP is currently working on a blockchain and AI-based system to track and manage chronic disease events in Korea’s Gangwon-do region. Because it has the highest rates of smoking, drinking, and obesity in the country, this region was chosen.
- IRC-16 Security Token Standard: On ICON’s blockchain platform, the IRC-16 tokenization standard was created to make enterprise-level trading, token issuance, and security token generation easier. In 2021, a new security token project based on this standard is expected to begin.
Band Protocol and the ICON Network successfully combined in July 2020 to deliver secure decentralized oracles for leading decentralized apps (dApps).
The oracle solution’s major use case is to help verify the ICX asset’s current median price by combining data from many sources (including Binance, Kraken, Huobi, CoinMarketCap, and Bithumb). This information is intended to be used as a security parameter to ensure that the ICX asset’s current and ongoing price data is accurate.