PARAMETA Wins KISA's Shared Public Blockchain Infrastructure Project (K-BTF Pilot)
June 20, 2024, Seoul — Web3 Enabler PARAMETA (formerly ICONLOOP, CEO JH Kim) announced that it has won the government-led project to build shared blockchain infrastructure for public use.
In step with governments worldwide working to develop blockchain as national foundational technology, the shared public blockchain infrastructure project is being pursued by the Ministry of Science and ICT and the Korea Internet & Security Agency (KISA) as part of the 2024 Blockchain Private Sector Expansion Program, with the aim of establishing government-led shared blockchain infrastructure. Selected as lead contractor, PARAMETA has formed a consortium with participating company Fingerlabs (CEO Sangseok Lee) to build the shared public blockchain infrastructure scheduled for introduction in 2025.
In existing blockchain projects at local governments and public institutions, a separate blockchain platform was built for each service, making extension to other services difficult and limiting operational efficiency. There were also concerns about duplicated investment in similar technology, and users faced the inconvenience of installing a separate digital wallet for each service. The shared infrastructure the PARAMETA consortium will build is designed for efficient development and operation of blockchain-based public services with straightforward interoperability. As institutions subscribe to core blockchain services, adoption costs are expected to fall to roughly one-tenth of previous levels. Consolidating previously scattered wallets into one should also make it a user-centered national platform.
For this project, the PARAMETA consortium plans to reconfigure each company's already-proven platforms for use by public institutions, obtain the Cloud Security Assurance Program (CSAP) certification required for public cloud services, and build out the shared infrastructure with development and operational conveniences gathered from their business experience to date. PARAMETA will contribute its blockchain DID (Decentralized Identifier) identity verification platform MyID, and Fingerlabs its NFT-based online/offline customer management solution FAVORLET, together developing shared blockchain DID and NFT platform services.
The consortium also plans to incorporate Zzeung, the digital wallet service built on PARAMETA's MyID platform, bringing together services currently fragmented by function, certificate type, and asset into a single integrated digital wallet. By giving users a consistent entry point and UI/UX, it is expected to improve public familiarity with and convenience of blockchain services.
"Shared public blockchain infrastructure means blockchain technology can be used easily without building your own infrastructure, so institutions can now implement the blockchain-based public services they want without hesitation," said PARAMETA CEO JH Kim. "PARAMETA will provide trustworthy, competitive services in line with the shared infrastructure specifications."
"We are glad to showcase the Web 3.0 expertise Fingerlabs has built over many years through participation in this shared public blockchain infrastructure project," said Fingerlabs CEO Sangseok Lee. "Drawing on our technology and experience, we will provide user-centered integrated services and contribute to creating a more convenient and secure blockchain environment."
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