ICONLOOP Receives Minister of Science and ICT Award as a Leader of Korea's Blockchain Industry
ICONLOOP drew early attention as the technology company behind ICON, the only Korean project among the world's top 50 cryptocurrencies (*by market capitalization according to global cryptocurrency data provider CoinMarketCap). Since its founding in May 2016, it has established itself as a leading Korean blockchain specialist, applying proprietary blockchain technology across many industries to demonstrate a wide range of possibilities.
Alongside the ICON project — an "interchain" initiative to connect diverse blockchain communities around the world — the company is also active in blockchain technology development projects at home and abroad, reviewing blockchain technology for government agencies and enterprises and carrying out adoption projects.
Examples include the development of CHAIN ID, the world's first joint blockchain authentication service for the financial investment industry; participation in the Seoul Metropolitan Government's blockchain pilot project; the establishment of an informatization plan for a next-generation election system led by the National Election Commission; the construction of a blockchain-based next-generation insurance platform with Kyobo Life Insurance; and the signing of a business agreement with SK Inc. C&C on blockchain business for the financial sector. In particular, as the technology lead for the financial investment industry blockchain consortium — which brings together the Korea Financial Investment Association and 26 Korean securities firms — it owns Korea's only proprietary solution specialized for financial companies.
The company also continues its efforts to popularize blockchain: it was selected as a participating institution in the 2018 Intensive Training Program for Young Talent in Innovative Growth, run by the Ministry of Science and ICT and the Institute for Information & Communications Technology Promotion (IITP), and provides education programs including lectures, mentoring, and hands-on practice on loopchain, its in-house blockchain engine.
"I am glad that our sustained efforts to make the industrial potential of blockchain known in Korea have led to a good outcome," said ICONLOOP CEO JH Kim. "Going forward, ICONLOOP will continue to work on technology and business development so that blockchain can be applied across a wide range of fields at home and abroad, while also continuing activities that showcase Korea's blockchain technology to the world."
###