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South Korean job placement platform to develop blockchain-based digital ID system via ICONLOOP partnership

Mon, 10 Feb 2020, 07:00 am UTC

Saramin, a South Korean job placement platform, has signed a memorandum of understanding (MOU) with blockchain startup ICONLOOP to build a blockchain-based digital ID and authentication ecosystem.

Founded in 2016, ICONLOOP has developed “MyID” – a blockchain-based digital identity authentication service. MyID allows for ID authentication information (ID, monetary transfers, verification through mobile phones, etc.) to be saved to the user's mobile phone so that users can reuse said information to open further accounts or access other services that require identification.

Under the agreement, Saramin, a platform that is similar to Indeed.com, will use ICONLOOP’s blockchain certificate issuance and management service ‘broof’ and MyID to enhance customer experience and value.

“Through this agreement with Saramin, submitting the users’ certificates and verifying the authenticity of these documents will be simplified,” ICONLOOP said.

The MOU is also targeted at contributing and collaborating in building a robust and vibrant blockchain-based digital ID and verification ecosystem in Korea.

“We are confident that blockchain technology based on its stability and transparency will make a big change in the field of human resource management,” Jong Hyup Kim, CEO of ICONLOOP, said. “Many members using Saramin, the nation’s leading employment platform, will now experience the benefits of blockchain technology. And this will be an important case of real-world blockchain adoption.”

Just recently, Pohang University of Science and Technology (POSTECH), a leading Korean university, used ICONLOOP’s ‘broof’ to issue blockchain-based digital certificates.

More and more educational institutions and companies are preparing to issue blockchain certificates through ‘broof’ in the future. And with this, we expect increased activity in blockchain-based HR adoption.

Last year, ICONLOOP raised KRW 10 billion (over $8 million) in Series A funding round led by the Venture Investment Center at Korea Technology Finance Corporation. The company is also spearheading MyID Alliance which includes leading companies and organizations including POSCO, Shinhan Bank, Samsung Securities, and Korea Productivity Center, among others.

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