Blockchain startup ICONLOOP has demonstrated blockchain services to be provided by the Seoul Metropolitan Government (SMG) soon.

ICONLOOP said Friday that it had demonstrated the “Blockchain Seoul” application at the Seoul International Digital Festival 2018 held at Dongdaemun Design Plaza Oct. 29-30. The services were carried out through the company’s TestNet IRC2 (ICON platform-based token) and demo applications.

ICONLOOP demonstrated three blockchain services through the application: blockchain ID, blockchain voting and blockchain settlement. “Blockchain ID” is created by entering basic personal information. “Blockchain voting,” linked to blockchain ID, proceeds after voter identification, and the voting results are relayed in real time via electronic boards. “Blockchain settlement,” a service enabling the use of cryptocurrencies offered in reward for taking part in blockchain voting, is configured to scan the product QR code in the offline event venue to buy products at once without using cash and credit cards.

In August, ICONLOOP was picked as an operator of Seoul’s standard blockchain platform in the 2018 Seoul Blockchain Demonstration Project the SMG commissioned to reinvent its civil services. The project is a follow-up to the Information Strategy Plan (ISP) for Blockchain-based Innovation conducted by Seoul City last year and includes adopting a standard blockchain platform, two leading blockchain businesses and three verification businesses for blockchain-based civil services.

ICONLOOP plans to apply “Loopchain,” a blockchain engine it has developed over the last six months, to the Seoul blockchain standard platform, a mobile voting system and a used car trading system. The company will also develop a smart contract optimized for civil service systems closely related to citizens’ lives to verify citizen cards, mileage integration and subcontract payments

“We prepared this promotional event to let citizens feel the practicality of blockchain technology more keenly. Blockchain will ensure citizens’ privacy rights, realize direct democracy and revitalize local commerce and non-profit sectors in the form of local currency,” ICONLOOP CEO Kim Jong-hyup said.
/Jaeyeon Won Reporter wonjaeyeon@decenter.kr

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wonjaeyeon@decenter.kr