There is no doubting that 2017 was the year of blockchain technology and cryptocurrency. They went from being incredibly “niche” to more and more mainstream throughout the year and were getting attention from some of the biggest sites and publications out there.
When there is an explosion in the market like this, many people want to throw their hat into the mix and try and create the next great project. Many of these projects and companies are trying to bring blockchain into industries that could really use it. One company that has already begun to do this with some success is Icon. This article will take a closer look at Icon and identify their features, how it will work and what they are trying to do.
What is Icon?
Icon is a South-Korean project that is trying to hyper-connect the world as they work with many industries to bring them together with blockchain. Currently, their infrastructure is being used by a variety of different institutions in different industries and they are making large strides in the space.
How Does Icon Work?
So how does Icon work? Well, simply put, Icon is like a blockchain for blockchain, for lack of a better term. In the platform, various different types of institutions like banks and hospitals can create their own blockchain. While each of these created blockchains will be independent of one another, they will all be connected to their global blockchain system.
Each created blockchain is called a Community and is connected to the global blockchain system by a C-node, which is essentially responsible for governing each community. Each community has their own rules and regulations and elects a C-rep that represents the community and helps with governing. In a sense, think of the Icon global blockchain system as the USA, each blockchain or community as a state, and each c-rep could be seen as a Senator. We will take a bit of a closer look at the different communities/industries within Icon a little later in the article.
Like most blockchain companies, Icon has released their own crypto coin called ICX. ICX had its ICO last year, so is now fully available to be bought, traded or sold. In addition to being used as a utility token throughout the Icon ecosystem and platform, the tokens will also one day be used as currency for the ICO’s based in Icon. So if you want to invest in an ICO of a new project in the Icon ecosystem, you will likely need to possess some ICX. While the coin is still in its relative infancy, the South Korean cryptocurrency market is one of the biggest and strongest on the planet, so we could see this take off as they are likely going to take a huge interest in ICX.
The Projects in ICON
As mentioned earlier, there is a variety of different projects and industries that have a use for Icon and their blockchain solutions. We will now look at each project and about how they will use and benefit the ICON ecosystem.
Back in 2016, 26 different securities firms in South Korea formed the largest blockchain organization for a single industry and it is titled the “Korea Financial Investment Blockchain Consortium”. Icon has also successfully launched the first ever enterprise blockchain service and security system to help with ID theft.
A group of top-tier companies have come together and launched an automated insurance claiming service that will allow people to claim insurance without the boatload of complicated and complex procedures that exist in the modern day.
The bank community in Icon is currently developing a pre-paid digital payment system that will implement many useful features like digital account management and recharging transfers and withdrawals.
U-coin is one of the first cryptocurrency platforms to be used by universities in South Korea. Students can use cryptocurrency for smart vending machines and other day to day payments and various other transfers at the school.
P-HIS, which stands for Precision Healthcare Information System, is an initiative that aims to boost the integrity of data as well as assist in data exchange. This could be a huge milestone in medical data and information management, and shows just how many industries are utilizing Icon.
Meet the Team
With an impressive group of projects and features within their ecosystem, Icon is proving to be one of the most exciting coins and cryptocurrencies out there today. In order to do all that they have and all that they hope, they need a great team. Thankfully, they have just that. The team is made up of dozens of different experts in fields including AI, business, development, marketing, engineering and project management.
In a unique move, the team is led by a 6-member foundation council, in which each member brings unique experienced and brainpower to the mix. In addition to their team, they also feature an impressive group of advisors and partners with decades or experience.
What is Their Vision?
The vision for the company is to essentially redefine what it means to be a community, while also ushering in the decentralization era. The communities within Icon will be able to be free from traditional systems in place and go beyond where they otherwise could have gone. While they already have a track record and have shown their proof of concept, Icon sees a future in which frictionless and instant value exchange between industries is the norm.
In conclusion, Icon is aiming to bring blockchain to the forefront and is introducing it into a number of industries that could greatly benefit from it. While blockchain likely has a long way to go until it is fully integrated into many of these industries, it is exciting to see many of them dipping their toes into the space. And as current Icon users expand their operations and networks, more and more businesses and companies will join the party.