South Korean government appoints Coinplug to fight fraud in fintech companies and to develop an interoperable decentralized ID
SEOUL, South Korea, May 14, 2019 /PRNewswire/ -- Coinplug, a South Korean blockchain developer, was selected for the fourth time this year by a government-backed institution to participate in the development of blockchain solutions. R&D, public and private sectors are the areas the South Korean Government is supporting in 2019 and the consortium where Coinplug is a member received 6.2 Billion Korean Won to participate.
The latest appointment is in the R&D area. Coinplug will work with ETRI, the Korean Electronics and Telecommunications Research Institute, to develop a self sovereign identification platform that doesn't depend on a specific blockchain and is able to disclose only the needed or requested information (zero knowledge proof). This has as a goal to ensure privacy protection and achieve true interoperability.
Coinplug will conduct this project in collaboration with its technical partner, Metadium, for the two year project. The research will be conducted in collaboration with Korea Post, the Korea Financial Telecommunications & Clearing Institute, Koscom, BD (BlueDigm) and, fellow blockchain developer, ICON.
"We [Coinplug] have been studying the blockchain technology since 2013 and we are actively exploring areas of utilization where blockchain technology can be meaningful," said Coinplug's CEO Jun-sun. "Social concerns and responsibilities for the industry are some of the main reasons we started Coinplug, it makes sense to collaborate in these projects and bring greater benefits to the society"
Coinplug will also develop a solution to prevent fraud using its B2B service, Metadium Enterprise. This task was appointed by the Ministry of Science and ICT and will be implemented by the Institute of Information and Communications Technology Planning & Evaluation (IITP). By implementing zero knowledge proof, the platform will detect transactions with possible relation to fraud and report them to the pertinent authorities without disclosing any other kind of sensitive information within the same block of data. The project is expected to be finalized next year and it will be applied in different services starting with fintech companies.
Coinplug was selected by KISA (Korean Internet & Security Agency), with the support of the Ministry of Science and ICT, to work on two projects. The first one belongs to the private sector and is being developed in collaboration with the leading South Korean telecommunication company and six other companies, including commercial banks. Coinplug will use its technical partner, Metadium, to develop a platform that creates, manages and exchanges certificates for 13 educational institutes.
The project in the public sector intends to build a platform to store and manage Renewable Energy Certificates (RECs) with KOSPO, Korea Southern Power. Through this platform, Coinplug will enable real-time information sharing on multilateral renewable energy supply, simplifying administrative procedures and improving access to relevant information.
As any government-backed project, the competition was tough, with hundreds applying for the opportunity to be selected for one of the projects in each category. Coinplug, being the world leader in blockchain patents, has the experience and technology to achieve the goals of each project and bring Korea one step further in blockchain innovation.
Coinplug is more than a cryptocurrency exchange, it is focused on blockchain technology innovation in different areas including CPDAX (Coinplug Digital Asset Exchange) and Metadium Enterprise (B2B). Coinplug is also working as Technical Partner with Metadium.
Metadium is a next-generation blockchain protocol designed to create a decentralized identity ecosystem with the introduction of Self-Sovereign Identity; the concept that individuals are owners of all aspects of their identity in the offline and online world. Metadium recently joined the Decentralized Identity Foundation (DIF),
The content of this press release is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Estimates, expectations, and business plans in this release are forward-looking statements. Actual future results, including project plans, capacities, costs, and schedules, could differ materially due to changes in market conditions affecting the industry, political developments, the outcome of commercial negotiations, technical or operating factors, and other factors.
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