ICONLOOP Wins Top Award at the 6th Korea Software Product Quality Awards with loopchain Enterprise
The Korea Software Product Quality Awards is an event that identifies and honors high-quality domestic software in order to broaden awareness of the importance of software quality. Launched in 2014, it reached its sixth edition this year. This year's event was held on the 28th, hosted by the Ministry of Science and ICT and organized by the Telecommunications Technology Association (TTA).
loopchain Enterprise, which received the top award, is an enterprise blockchain solution built on ICONLOOP's in-house high-performance blockchain engine. In enterprise environments it allows data to be shared without loss through blockchain and prevents data from being forged or altered by hacking or by mistake, and it can be applied across fields including finance, security, the public sector, and manufacturing.
Key features of loopchain Enterprise include SCORE (Smart Contract On Reliable Environment), a high-performance smart contract platform; PBFT (Practical Byzantine Fault Tolerance), a high-performance consensus algorithm based on message passing between parties without the involvement of an intermediary; and Multi-Channel, which enables each company to build department-specific or separated business environments through independent virtual networks formed among selected members on the same blockchain network. Along with optimization for diverse business environments such as on-premise, public cloud, and a company's private cloud, it also supports numerous user-convenience features including distributed ledger management, automated deployment, integrated environment configuration, network and data monitoring, and fault views.
loopchain Enterprise is currently applied and in use across a variety of fields — including CHAIN ID, the world's first blockchain-based joint authentication service, built by the financial investment industry's blockchain consortium; Kyobo Life Insurance's blockchain-based smart insurance claim system; the Seoul Metropolitan Government's blockchain-based administrative service platform; the Korea Customs Service's e-commerce import clearance platform; and SBI Savings Bank's blockchain-based personal authentication service. It is also scheduled for application to MyID, the digital identity platform designated an Innovative Financial Service by the Financial Services Commission.
loopchain Enterprise also completed the verification needed for a full-scale move into the public sector by obtaining GS Certification Grade 1 this year. GS Certification, a scheme that certifies excellent software quality, evaluates software functionality, reliability, and interoperability on the basis of international standards.
"Through loopchain Enterprise, we will go on applying blockchain to every field that requires trust — not only electronic payments and digital authentication but also cargo tracking systems, P2P lending, end-to-end tracking from origin to distribution, art authentication, counterfeit currency prevention, electronic voting, digital citizenship issuance, car sharing, real estate registers, and management of medical records shared between hospitals," said ICONLOOP CEO JH Kim. "We plan to connect enterprise blockchains with a variety of other blockchains through interchain technology to deliver business opportunities and value."
ICONLOOP, the developer of loopchain Enterprise, is a leading Korean blockchain company that provides blockchain platforms and services and leads technical innovation. Since its founding in May 2016, it has demonstrated a wide range of possibilities by applying its proprietary blockchain technology across many industries, and in November 2018 it became the first company in the blockchain industry to receive a Minister of Science and ICT award, in recognition of its contribution to the development and mainstream adoption of Korea's blockchain industry.
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