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South Korea’s Military Manpower Administration has partnered with one of the country’s leading cybersecurity firms Raonsecure to upgrade its biometric ID solution using blockchain, Bitcoinist reported.
Raonsecure is leading ICT security software companies, offering a variety of PC and mobile security solutions to financial institutions, government, and enterprise. It has supplied security products and solutions, as well as ICT security consulting services to over 500 customer organizations
The company has developed TouchEn OnePass, a FIDO (Fast Identity Online) biometric authentication service and the first FIDO-certified authentication system that is currently being used by financial institutions.
Soon Hyung Lee, CEO of Raonsecure, noted that there is a growing demand for the combination of integrated identity and FIDO biometric authentication technology using blockchain.
“We need an innovative blockchain-based FIDO authentication system business model. As we have built-in examples, we will create a more reliable next generation certification standard by combining with blockchain leading technology," he said (as quoted by Biometric Update).
The blockchain-ID solution will be jointly developed with blockchain startup ICONLOOP. The blockchain-bassed authentication solution will be designed in such a way that FIDO standards will be integrated into the system itself.
“The blockchain biometric authentication system developed by our two companies will launch a new authenticated information generation by implementing the verification process of a FIDO server as a smart contract – one of the core technologies of a blockchain – thereby reducing the security risks of a centralized system such as public authority certificate systems,” explains Jonghyup Kim, CEO of the Loop. “There is a distinction from existing authentication technologies in that it provides trust in the system through the consensus of blockchain nodes.”
Meanwhile, South Korea is planning to impose a 20 percent income tax on cryptocurrency transactions. The Ministry of Economy and Finance has reportedly ordered its income tax department to review a cryptocurrency taxation plan.
