RAON

- Developed FIDO biometric authentication system and cooperating with blockchain experts ‘the loop’
- Responding to abandonment of public certificates – focusing on the next generation of authentication solutions
 
RaonSecure (042510 Soon Hyung Lee, CEO), a leading ICT information security company and the leader in FIDO biometric authentication deployments, has agreed to co-develop a blockchain-based biometric authentication (FIDO) system with blockchain specialist company, 'the loop', and has signed a Memorandum of Understanding for cooperation in promoting new business. The two companies will 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 promoting new fintech business cases.
FIDO (Fast IDentity Online) is an international standard for biometric authentication using fingerprint, iris, and face recognition. Recently, FIDO (Fast IDentity Online) has been attracting attention as one of the most effective next generation authentication technologies along with blockchain technology.
  This cooperation comes at an ideal time as the Korean government is de-emphasizing reliance on public authority security certificates for online transactions such as those used for mobile and online banking.  By combining the convenience and inherent security and privacy of FIDO biometric authentication with the specific advantages brought by blockchain technology, the two companies hope to offer an alternative type of authentication that will offer excellent security for consumers.
  Jonghyup Kim, CEO of the loop, said, "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.  "There is a distinction from existing authentication technologies in that it provides trust in the system through the consensus of blockchain nodes."
 
  Soon Hyung Lee, CEO of RaonSecure said, "Recently, the market demand for the combination of integrated identity and FIDO biometric authentication technology using blockchain is increasing. 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 Loop was founded in May 2016 as a subsidiary of Daily Intelligence, which was founded in August 2015 as a key subsidiary for blockchain development of the Daily Financial Group to be a technology leader in blockchain. Since its inception, the loop has been engaged in various activities such as establishing private blockchains for various industries and establishing cooperation with financial institutions that are considering construction of blockchain-based authentication systems to be used instead of a public certificate. In recent years, it has made news by issuing a cryptocoin for its ICON network in foreign countries, and commercializing a cryptocurrency called U-Coin, which is traded between Sogang University and Korea University.
  RaonSecure is the largest provider of FIDO biometric authentication solutions in Korea, including for major banks, credit card companies, mobile carriers, and KakaoPay. It joined the FIDO Alliance board of directors in May 2017, and has been engaged in various activities to promote the biometric authentication industry both at home and abroad. End.
 
* Terms
Smart Contracts: Blockchain-based technology that enables automated direct transactions between parties without a 3rd party relaying agency.