JH Kim, CEO of theloop was invited on March 28th by SBI Ripple Asia, secretariat of the “Japan Credit Card Industry Consortium”, to participate in the first “Japan Credit Card Industry Consortium Workshop”.

During the workshop, JH Kim introduced theloop’s blockchain engine “loopchain”. Also, he introduced the use cases and service expansion of “CHAIN ​​ID”, a joint authentication service of the Korea Financial Investment Association blockchain consortium which was built using the loopchain engine.

JH KIM, stated that “CHAIN ​​ID is the world’s first blockchain based authentication service that financial institutions are using to actual customers. We are happy to have the opportunity to introduce technical factors and share experience of building a real-life blockchain based service. We expect that there will be more opportunities overseas to build actual blockchain services which go beyond simple PoC projects. We believe there will be greater opportunities for theloop, since we provide both public and enterprise based blockchain solutions.”

[Japan Credit Card Industry Consortium]
Established in January 2018, nine credit card companies, including Credit Saison, JCB, and Sumitomo Mitsui Card are participating in the Japan Credit Card Industry Consortium. The consortium seeks to build a new financial infrastructure utilizing distributed ledger technology and artificial intelligence.

The secretariat for the consortium is jointly operated by SBI Ripple Asia and JCB. The consortium is actively reviewing alliances with companies not only in Japan but also overseas to build a easy-to-use payment environment, reduce social costs and improve productivity.