Your physical ID card could become a thing of the past and ICONLOOP’s MyID Alliance is aiming to make this a reality. ICON is targeting South Korea, a clear well-defined market
ICON & ICONLOOP
ICON and ICONLOOP’s relationship has been well documented. Its involvement with the Seoul Metropolitan government goes back as far as 2018. The South Korean Blockchain is involved in the upcoming establishment of Seoul’s first blockchain-based administrative services for more than 11 million people.
“MyID” Hits Mainstream News
ICON’s parent company ICONLOOP has recently made national news in South Korea. All eyes are on a new type of blockchain identification service called MyID which is expected to be launched in 2020. It is set to radically improve and expand the way people and businesses use authentication in their day to day lives.
ICONLOOP’s MyID Alliance is currently backed by 39 partners from various financial and non-financial sectors with the goal of connecting and expanding the IDs of countries all around the world. This opens up a door to a whole new world of use cases for the public chain which utilizes the native token “ICX”.
The Road to Blockchain Utility
ICONLOOP has adopted a long term strategy of “building roads” in the form of private-chain infrastructure, while at the same time onboarding companies with the ultimate goal of connecting everything via their public chain. The public chain will utilize their native token ICX.
In fact, it is stressed that all non-financial transactions will be pushed to utilize ICX. Meaning, the more partnerships are built by ICONLOOP, the more positive effect (transactions) will occur on ICON’s public blockchain.
According to their roadmap, MyID Alliance is expecting to reach over one million users by 2021. A move that would undoubtedly showcase the effectiveness of their public chain.
Additionally, ICONLOOP is discussing ways to integrate MyID onto smartphones. Since Samsung is one their many ecosystem partners it’s likely that we will see MyID pre-installed onto future Samsung Galaxy devices.
2020 and Beyond
Throughout 2019, we have seen more use cases for the native token (ICX) being built. In fact, the government of Seoul has mandated ICON’s parent company ICONLOOP as the “Seoul Metro’s standard blockchain platform for all current and future applications”.
With “MyID”, ICON’s future is looking bright as they continue to pioneer use cases for blockchain technology.