The Financial Supervisory Commission has named Iconloop and Fount to develop a blockchain platform for helping customers do banking business without visiting banks.
The two companies would develop the decentralized identified (DID) platform so that banks can check identities of customers online. The service, if adopted, would help customers identify themselves without visiting banks.
The regulatory agency has allowed the two firms to run the blockchain services on a trial basis for the next four years.
Iconloop would also develop ‘my-ID’ blockchain-based app. The platform would reduce the current seven-stage process of confirming customer identity to four. Customers would no longer need to have submitted their resident cards and get confirmation through mobile phones. My-ID would debut in December.
Fount would make public its ‘decentralized ID wallet,’ which is based on the blockchain platform. The wallet would further simplify the way customers do banking business. Customers could store their financial information and manage the data all by themselves and submit them to banks and other financial services companies when they do business.
