The much-hyped distributed ledger technology (DLT) blockchain has begun to emerge as a real-world tech option. And is poised to change the way of documenting information in much the same way open-source software did a quarter-century ago. And in the same way, Linux took more than a decade to become a cornerstone in the global business world, blockchain will likely take years to explore the intricacies at its fullest.
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As the changes of blockchain adoption gain momentum most of the market analysts, developers, and cryptocurrency enthusiasts agree that blockchain technology has a plethora of use case scenarios, most of which can positively-disrupt entire industries. At this point of time, the talk is all about the ICONLOOP’s new launch of ‘broof,’ a blockchain-based certificate issuance service.
What is ICONLOOP & broof ?
With the aim of accelerating mass adoption of blockchain, ICONLOOP has developed broof to facilitate certificate issuance of any type of certificates, such as graduation certificates, employment certificates, storage, and prevention of falsification.
ICONLOOP is a blockchain-specialized tech company based in Seoul, South Korea, specialized in the implementation and design of blockchain technology. The company aims to acquire both scalability and security in existing platforms and maximize the utility of blockchain technology with SCORE Smart Contract, LFT Algorithm, Tiered System, Multi-Channel and Modular Architecture. Based on a self-developed blockchain engine and loopchain, ICONLOOP leads the initiatives in the innovations in financial transactions, digital currency, and the Internet of Things (IoT).
ICONLOOP broof is a trustworthy blockchain-based certificate issuance service that operates directly on the ICON public blockchain network.
To put things into perspective, any transactions that incur on ICONLOOP broof will benefit the public chain and require ICON (ICX). broof records everything from the issuance of certificates to removal in a blockchain that can’t be tampered with, thereby increases the public’s confidence in the issuance of the certificates.
Let’s understand the ICONLOOP broof in more depth.
Why ICONLOOP broof is important?
Leveraging ICON digital certifications on Public Blockchain can significantly limit the expenses and labor related to issuing and storing paper-based documents. Importantly the certificate recipients can view and receive their blockchain-based certificates without making a separate database framework. Once the certificates are issued, then the recipients can digitally-access the certificate anytime from anywhere within a couple of clicks.
ICONLOOP’s Medium post states “Once the issuing authority (company or institution) sets the approved recipient list, issuance period, and a URL, the recipient can access the URL and enter their name and password to obtain the certificate without going through other lengthy procedures”.
Thanks to the immutability and security of the blockchain network, ICON broof-based documents offer a formidable assurance against making fake issuance and falsification with an easier time proving to trace authenticity. The authenticity of the record can be checked in the ICON Tracker by looking for a specific transaction.
All the information is managed reliably by ICON — a decentralized permissionless blockchain, it’s difficult to modify the past exchanges except if you have the excessive financial intends to do as such. Thus, potential employees, government institutions and universities can easily verify the authenticity of the parameters such as origin, destination, and transaction time, while reducing the risk of material damage or loss of the respective certifications.
Use Cases of ICONLOOP broof
For many institutions, companies, and individuals blockchain is an intriguing concept and also very skeptical about its use case. Let’s check out the use cases of ICONLOOP broof.
POSTECH (Pohang University of Science and Technology) — one of South Korea’s top-ranking universities has taken the role in believing the technology and, to an extent, put their reputation on the line in the name of adoption.
The initial momentum by POSTECH in the adoption of blockchain graduation certificates to students stamps on as the first successful implementations of a public blockchain. Furthermore, this“frictionless” implementation proves the usefulness and reliability of blockchain.
ICONLOOP had signed an agreement with Yeolmae Company to offer ICON broof-based certificate issuance service to the ARTnGUIDE.
ARTnGUIDE is a unique platform which acts as a mediator site for the individuals to purchase joint ownership of artwork, instead of purchasing the entire piece of art. Under the details of the agreement, ICONLOOP’s broof service will store the ownership of the art, alongst with the image of that work, in a way that forestalls forging of the record. A time-stamped certificate is issued that shows the image as well as the “chop” stamp signature.
ICONLOOP broof can be used to create immutable digital certificates by anyone for everything.
ICONLOOP CEO, Jonghyup Kim stated “ICONLOOP has been cooperating with the government and other various institutions in a myriad of ways in order to implement simple blockchain services in everyday life. We expect ‘broof’ will create a safer and more reliable certification system in areas such as administration, education, and finance. At the same time, it will also reduce the required social costs involved.”
However, the business world will soon realize the massive potential of this technology and it will drive a new wave of decentralized applications. It is not far-fetched to conclude that more and more will likely follow over due time.
What is ICONLOOP broof? was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.