South Korea’s Coinplug that earlier enabled Bitcoin purchases with credit cards through a network of over 7,000 traditional ATMs across the country is again in news now. This time, the Bitcoin services company has snatched the top prize in a financial technology competition sponsored by major banking group JB Financial Group.
According to the reports there were more than 100 companies that were competing for a total prize pool of 130m Korean won ($116,200) at the FinTech Frontiers Fair held in Seoul, South Korea. However, it was the Coinplug’s entry, which scored 50m KRW ($45,500) that won the most number of votes from the judges.
The entry from Coinplug was about a system utilizing the Bitcoin blockchain to verify user identity in online transactions. The company says that the system works by taking a cryptographic hash of a user’s personal information and using that hash to create a certificate, which is then recorded on the blockchain as a transaction.
Nonetheless, backed by JB Financial Group, a financial services company with over 35.5 trillion Korean won ($32.3bn) in assets and 3,300 employees, the competition was expected to be tough. With hundreds of participating companies, it was definitely tough challenge for the judges to final the name of the winner.
The Solution from Coinplug
The winning entry from Coinplug is being lauded as the blockchain‘s permanence means that information cannot be altered or modified once saved. Additionally, personal information is further protected from leaks as Coinplug uses only the hashed information to verify, never seeing the original. No personal information needs to be stored at all.
Nonetheless, there are several benefits over existing systems when the one suggested from Coinplug is used. Elaborating about the entry that won the competition Coinplug CEO Ryan Uhr said that the system offered three main benefits e.g. accessibility on more web browsers, security of private information, and reduced cost of issuance.
The company suggests that the blockchain system can be used in any web browser and does not require additional software such as ActiveX or NPAPI, which need plugin for proper operation. Similarly, the certificates can also be re-issued easily on Coinplug’s Smartphone application for better user-experience.
Winning first prize at a mainstream even definitely made other companies pay attention. It has come to notice that Coinplug is already in talks with several financial organizations who are interested in offering the service.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org