Raonsecure providing blockchain-based biometric ID and authentication to South Korean military
Raonsecure will be delivering a blockchain-based biometric ID and authentication solution for the South Korean military following a partnership with the Military Manpower Administration, writes Bitcoinist.
Raonsecure is working on the blockchain ID solution with the Loop, who is responsible for the Icon (ICX) blockchain network. The authentication system will have by-design FIDO standards.
The companies expect to develop a next-generation authentication system to replace authorized public security certificates by combining the blockchain and biometric authentication technologies held by each company, while at the same time promoting new fintech business cases.
“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.”
“Recently, the market demand for the combination of integrated identity and FIDO biometric authentication technology using blockchain is increasing,” says Soon Hyung Lee, CEO of Raonsecure. “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.”
The South Korea-based cybersecurity company has also developed TouchEn OnePass, a FIDO2 certified biometrics authentication solution that lets users log into services using biometric data such as a fingerprint or iris scan, rather than a password. Raonsecure claims this is the top FIDO biometric authentication service used by financial institutions in the country.
Raonsecure boasts 30 million users in South Korea are already using TouchEn biometric mobile payments, but plans to grow the number of users to 700 million in Asia Pacific. TouchEn authentication leverages public key cryptography, already widely deployed in wallet recovery seeds and wallet addresses.