April 1st, Seoul — ICONLOOP has integrated its blockchain technology to SBI Savings Bank’s personal authentication service. ‘SBI Simple Authentication,’ the first blockchain-based authentication service launched in the Korean savings bank industry is now open to public.
SBI Savings Bank is a leading savings bank in South Korea with over $6.5 billion in assets. It is majority-owned by SBI Group, one of the largest financial services companies in Japan. ICONLOOP’s cooperation with SBI Savings Bank to build an authentication product is incredible news, but shouldn’t come as a surprise to followers of the ICON project
In a press release dated September 12, 2017, SBI Group announced a collaboration with DAYLI Intelligence to build financial service solutions using distributed ledger technology. Since DAYLI Intelligence is under the same corporate umbrella as ICONLOOP, it’s no surprise that loopchain, the engine that powers both ICONLOOP private chains and the ICON public chain, was the blockchain technology of choice for SBI Savings Bank’s consumer-facing personal authentication service.