1/ Why the recent Shinhan Bank / ICONLOOP news is BIG for #ICON $ICX: Shinhan has introduced decentralized ID (DID) to its banking app "Shinhan SOL." This is due to their direct collaboration with ICONLOOP and their tech (ICONLOOP is known for their technical prowess).

2/ Banks like Shinhan are using this DID service as it lowers the possibility of theft as well as falsification & forgery (when compared to the nation's existing financial authentication certificates). This will be used for logins, one-time passwords (OTPs) and KYC requirements.

3/ The key takeaway from this is Shinhan Bank's integration of Zzeung (MyID) will in part use the public chain (and as a result $ICX). That is millions of customers being exposed to the public $ICX chain without even realizing they are using it. This is mass adoption.

4/ Shinhan's affiliates: Shinhan Card, Jeju Bank, Shinhan Financial Investments, Orange Life & Shinhan Life have all recently joined the #MyID alliance and plan to utilize Zzeung / #MyID. This is a sign of things to come as one partnership can lead to a number of integrations.

5/ From Jang Hyun-ki (head of Shinhan Bank's Digital R&D Center): "DID solutions will be an entry point for a digital ID ecosystem that will spread in the future... We will be able to develop DID solutions into platforms that can manage and trade data." Expansion is coming.

6/ JH Kim, CEO of ICONLOOP stated: "This issuance of real-name authentication with Shinhan Bank is of great significance in that it is the first commercialization of DID services used in the financial sector in Korea." The importance of this cannot be overstated.

7/ When compared to other DID solutions he stated: "The difference is that ( #MyID) is the only DID service that can be used in financial apps... We have entered this field first and have more collaborations with financial institutions (and) will increase our competitiveness."

8/ Due to the legal system, the only DID service currently available for commercial banks / financial corporations is the ICONLOOP #MyID platform (designated in the regulatory sandbox). Competition is likely to grow over time but ICONLOOP has the first mover advantage.

9/ Shinhan Bank expects #MyID will greatly simplify its customer service. Once implemented, a Shinhan Bank customer will be able to use services of other financial companies without additionally proving their identities (they will only need to check the user’s fingerprint).

10/ A little-known fact: Shinhan Bank has been relying on blockchain technology to streamline parts of its review process of loan products for doctors. The system will be applied to a larger group of borrowers within this year. It seems likely that this will utilize #ICON tech.

11/ The trend and requirement for blockchain technology / DID is being accelerated due to pandemic-led social distancing measures in South Korea. This tech offers a new alternative to make existing services safer and more streamlined.

12/ We have confirmation from @minhokim, that "Two other banks (NH and IBK) (are) launching soon." If these new launches are anything like Shinhan, institutions and investors alike will not be able to ignore #ICON $ICX.

13/ NongHyup Bank (NH) is preparing their services to integrate DID tech (along with their affiliates such as NH Investment & Securities, NH Savings Bank and NH Capital). ICONLOOP has had a partnership with NH Bank since early 2018.

14/ NH Bank will also adopt blockchain tech into its loan products for government employees. With the DID authentication, government employees will be able to borrow money from the bank instantly, avoiding any red tape / lengthy processes presently required.

15/ South Korea is adopting blockchain en masse with #ICON and Shinhan Bank leading the way as its first example with more to be launched across many fields. As the market leader, #ICON & ICONLOOP are well positioned to benefit from this new push to digitalize the nation.

16/ #ICON has achieved what many blockchain projects could only dream of. $ICX is very bullish (even if the short term price action isn't reflecting this) and is at the bleeding edge of tech and adoption. With 70+ partners still to be integrated into #MyID, don't sleep on $ICX.

17/ Articles referenced in this thread:

http://www.businesskorea.co.kr/news/articleView.html?idxno=50941

http://www.koreatimes.co.kr/www/nation/2020/08/126_295229.html

https://decenter.kr/NewsView/1Z7OQKJVRL