ICON Showcases Three Key Elements Of Its Blockchain Product

The products were on display before the South Korean authorities with the hope of adoption.


ICON Seeks To Implement Blockchain Products On A Large Scale

ICON has unveiled the three critical elements driving its blockchain system. Recently, the platform connected with South Korea with the three blockchain products. In a blog post by the firm, the South Korean government had a chance to view the Blockchain Seoul initiative during the Blockchain International Digital Festival. Under the Seoul initiative, we have identification cards, voting systems and payment gateways. The projects are aimed at establishing an open and prosperous community.

Users who will have the ICON Blockchain Citizen ID Card will be in a position to undergo digital registration. A citizen is required to provide the necessary details and take a photo through his/her gadget. Once the photo has been recorded, the ID Card is then moved to the mobile device with the photo’s QR code.

The next product is the voting feature driven by blockchain. The ICON Voting system allows people to select their choices through the ID card. When a vote has been conducted, participants can be rewarded with an S-Coin. According to an earlier press statement, the coin is pegged at 1:1 with the Korean Won. The voting is being courted to drive the next election system. To realize the election system, ICON is collaborating with local data agencies and the election body.

During the forum, ICON further demonstrated how its third product works. The ICON Blockchain S-Coin Payment will allow citizens to scan a products' QR code. Immediately, once the scan is complete, details about the product will be relayed to the smartphone. On the payment front, the money is remitted using an already installed app.

Data indicates that ICON is ranked 37 among cryptocurrencies with a market capitalization of $241 million. An ICX token is valued at $0.622. The token has drastically dropped compared to early 2018 when it was valued at $12.

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