Asia Blockchain Updates 2019.12.18 UN uses Blockchain for Migrants, Crypto Exchange and Banks, DID is the Future.

UN Introduce Blockchain, For foreign Migrant Workers,
TOP 4 Cryptocurrrency Exchanges and Banks, Will they Maintain the Partnership?,
KISA and Financial Security Insititute Korea Joined Hands for DID

Asia Blockchain Updates 2019.12.18 by Amy Kang
Asia Blockchain Updates 2019.12.18 by Amy Kang

UN Migration, IOM to Use Blockchain to Stop Exploitation of HK Migrant Workers

IOM to Use Blockchain to Stop Exploitation of HK Migrant Workers

The United Nations International Migration Organization (IOM) will actively use blockchain technology to stop the exploitation of migrant workers in Hong Kong.

According to a report on CoinTelegraph on Dec 16, the International Organization for Migration by UN has unveiled the blockchain platform called, IRIS-SAFER, designed to target approximately 1,500 companies including Hong Kong-based migrant worker recruitment agencies and worker dispatch agencies.

The platform is reportedly developed in partnership with the financial services company, Diginex. Blockchain will be used in the platform mainly to ensure the security and immutability of data records. The system will be implemented worldwide in Hong Kong and other countries as well.

Hong Kong is reported to have 390,000 migrant foreign workers. 98% of them are women and 56% of total workers are reported to have been charged illegal fees by recruiting agencies.

Giuseppe Crocetti, IOM’s chief executive officer, said, “Recruitment agencies for migrant workers will learn about international ethical recruitment standards through IRIS-SAFER.”

Korean Crypto Exchange’s Partnership for Real-Name Virtual Account with Major Banks is About to End, What is Next in 2020?

Top 4 Major Korean Crypto Exchanges

At the end of the year 2019, the real-name virtual account contract agreement between four major Korean cryptocurrency exchanges (Bithumb, Upbit, Korbit, CoinOne) and major Korean banks will end.

These four major exchanges will undergo on-site due diligence from banks as early as the end of this month, and the industry is keen on the fact that recent cryptocurrency hacking and other security-related incidents on large exchanges could affect the due diligence.

Indeed, this year, banks’ security requirements for those cryptocurrency exchanges become more strict.

Shinhan Bank introduced a “3-day deposit delay system” in its partnership with Korbit exchange since July 2019. So, Korbit users can re-trade after 72 hours (3 days) since they have deposited money for cryptocurrency trading. Shinhan Bank introduced this system to prevent ‘voice phishing’. An official from Shinhan Bank said, “As the number of victims of voice phishing increases, it is part of measures to prevent victims.”

The four major exchanges, which have contracts for issuing real-name accounts with banks in Korea every six months, It seems like they have no choice but to follow the bank’s guidelines to maintain account issuance. In particular, as the current government’s stance on cryptocurrency trading remains negative, exchanges will lay low and try to get other partnerships and agreements from banks.

Upbit has continued to re-sign a real-name account with IBK bank, but it has been unable to issue new members for nearly two years.

KISA and Financial Security Institute Teamed up for Decentralized Identity (DID)

KISA and Financial Security Institute Teamed up for Digital Identity (DID)
KISA and Financial Security Institute Teamed up for Digital Identity (DID)

The Korea Financial Security Institute and the Korea Internet Security Agency (KISA) announced on Dec 17th that they signed a business agreement (MOU) to build a Decentralized Identity (DID) ecosystem.

DID(decentralized identity) is a system in which digital identification of an individual or an organization is distributed by a large number of institutions, such as financial companies and telecommunications companies, rather than by a central institution such as an accredited certification body.

By allowing users to manage and control their own personal or organization’s identity information (digital identification card) online, the user can choose only the information suitable for the purpose of verification and provide it to the verification body.

Kisa and FSI both will cooperate with each other on matters necessary to create a safe and reliable distributed ID ecosystem in Korea, including DID-related policies, technology research, standardization, and guide development, seminars, and conferences.

To facilitate smooth cooperation in the field of DID, they both will form a DID council where all stakeholders, including DID operators, ID issuers, and ID users, will participate in full scale, starting from 2020. Currently, various DID consultation centers are operated by private operators such as Initial DID Association led by SK Telecom, MyID Alliance led by IconLoop, and DID Alliance Korea led by Raon Secure.

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