Copy link
Increase text size
Decrease text size
Link copied

South Korean military taps Raonsecure for blockchain-based biometric ID solution

Image by trofin from Flickr

Mon, 27 Jan 2020, 11:07 am UTC

South Korea’s Military Manpower Administration has partnered with one of the country’s leading cybersecurity firms Raonsecure to upgrade its biometric ID solution using blockchain, Bitcoinist reported.

Raonsecure is leading ICT security software companies, offering a variety of PC and mobile security solutions to financial institutions, government, and enterprise. It has supplied security products and solutions, as well as ICT security consulting services to over 500 customer organizations

The company has developed TouchEn OnePass, a FIDO (Fast Identity Online) biometric authentication service and the first FIDO-certified authentication system that is currently being used by financial institutions.

Soon Hyung Lee, CEO of Raonsecure, noted that there is a growing demand for the combination of integrated identity and FIDO biometric authentication technology using blockchain.

“We need an innovative blockchain-based FIDO authentication system business model. As we have built-in examples, we will create a more reliable next generation certification standard by combining with blockchain leading technology," he said (as quoted by Biometric Update).

The blockchain-ID solution will be jointly developed with blockchain startup ICONLOOP. The blockchain-bassed authentication solution will be designed in such a way that FIDO standards will be integrated into the system itself.

“The blockchain biometric authentication system developed by our two companies will launch a new authenticated information generation by implementing the verification process of a FIDO server as a smart contract – one of the core technologies of a blockchain – thereby reducing the security risks of a centralized system such as public authority certificate systems,” explains Jonghyup Kim, CEO of the Loop. “There is a distinction from existing authentication technologies in that it provides trust in the system through the consensus of blockchain nodes.”

Meanwhile, South Korea is planning to impose a 20 percent income tax on cryptocurrency transactions. The Ministry of Economy and Finance has reportedly ordered its income tax department to review a cryptocurrency taxation plan.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,558.64 (-3.30%)
  • Ethereum (ETH) $251.31 (-3.27%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $396.82 (-6.67%)
  • Bitcoin SV (BSV) $294.53 (-1.74%)
  • Bitcoin (BTC) $9,558.64 (-3.30%)
Feb 17, 2020 (Monday)
13:34
Fullerton Markets adds support for cryptocurrency deposits and withdrawals
13:02
Crypto asset custodian Copper raises $8M in Series A round
12:06
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:05
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:58
CFTC sues Colorado resident with fraud in crypto-related Ponzi scheme
11:22
Crypto Technicals: ETH/USD slips below 5-DMA, 'Golden Cross' to limit downside
11:15
Central Bank of The Bahamas to roll out CBDC in H2 2020
10:45
Stellar Development Foundation joins Blockchain Association
10:21
Dubai Multi Commodities Centre to launch blockchain-based sugar trading platform
10:20
Crypto Technicals: BTC/USD holds 21-EMA support, break below could see further weakness
09:22
Binance applied for an operating license in Singapore, CEO confirms
07:23
IOHK establishes new research lab at University of Wyoming
06:53
Chinese forex regulator SAFE’s blockchain cross-border financing pilot continues expansion
05:14
Blockchain social media platform Steemit to migrate to TRON network
Feb 14, 2020 (Friday)
13:11
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:11
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:24
Israel’s stock exchange partners with Edinburgh-based startup for its Blockchain Securities Lending platform
11:48
Blockchain insurance startup B3i completes 30 reinsurance contracts on its platform
11:47
Crypto Technicals: TRON (TRX) confirms 'Golden Cross' on the daily charts, eyes 61.8% Fib at 0.0297
11:04
Crypto investment firm Galaxy Digital lays off 15% of its workforce
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft