The MoU signed by ICON (ICX) and SK Group has apparently planned to co-develop the blockchain business models in financial industries. These blockchain products are intended to manage the authentication services, insurance claiming services and hence enhance the overall financial services.

ICONLOOP, is a private blockchain organization in South Korea and company responsible for creating ICON blockchain protocol. The interesting fact with the company is that they don’t plan to provide services for large financial institutions, instead of small SME financial companies.

Indeed, the firms say it would certainly be possible to commercialize a blockchain model focused primarily on car insurance claims, or offer a tokenized version of mileage rewards points.

This certainly is a monumental partnership between two firms, and also as said by J.H. Kim, the council member of ICON Foundation,

With the MOU, we expect the blockchain platform of ICONLOOP to spread to not only domestic but global financial institutions based on SK Holdings C&C’s knowledge of financial industries and its excellent technical capabilities

Additionally, Woo-jin Kang, the Head of Financial Business at SK Holdings C&C quoted that

In order to rapidly expand the blockchain market and ecosystem, it is important to secure various platform technologies and services

ICONLOOP has a CHAIN ID authentication product which it runs with the Korea Financial Investment and with the right knowledge, understanding of blockchain based solutions the two firms can contribute to enhancing financial services.

SK Group is not the first company to leverage the blockchain based solutions in South Korea, in fact, renowned firms like LG, Samsung, SK, and many other multi-billion conglomerates have continued to show increasing interest towards the blockchain.

What do you think of this radical transformation using Blockchain in Korea? Please share your thoughts in the below comment section.

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