Fintech startup Crosshub Inc. announced on July 22 that it signed a business agreement (MOU) with Laotian digital solution company TB Tech for the export of its identity authentication solution 'IDBlock' worth approximately USD 1.2 million.
This agreement is in response to the demand for the construction of an e-Government system being promoted by the Lao government, and the two companies plan to establish a cooperative system centered on the introduction of blockchain-based digital identity authentication infrastructure. The signing ceremony was attended by Keovongsa Keooudone, CEO of TB Tech, who visited Korea along with officials from the Lao Ministry of Information and Communications.
TB Tech is a company that develops and supplies digital systems for the public and private sectors in Laos. Through this agreement, Crosshub’s IDBlock technology will be applied to the local administrative system. In the future, the technology will also be expanded to neighboring countries such as Vietnam, Thailand, and Cambodia.
IDBlock is a digital identity authentication solution developed by Crosshub. It is designed to encrypt and safely verify real-name information such as passports, and selectively provide only necessary information with the user's consent. It supports personal information protection and inter-institutional linkage simultaneously by utilizing zero-knowledge proof (ZKP) technology, and can be linked to various services in the form of APIs. Its main feature is that identity verification is possible without an ID card even in a smartphone-based digital environment.
In addition to IDBlock, Crosshub also operates B·Pay, a global easy payment service. B·Pay allows easy payment methods used in one’s home country to be used overseas as well, and provides a user experience that integrates authentication and payment, increasing convenience for foreign users. TB Tech is also considering introducing B·Pay to the Laotian tourism industry in the future.
CrossHub Vice President Park Jeong-hee said, “This agreement is significant as a practical technology application case based on local government demand, and it is an opportunity to prove the possibility of overseas expansion of blockchain-based authentication technology,” adding, “We will build an authentication infrastructure with scalability, focusing on the Southeast Asian market.”
Crosshub is currently in export negotiations and PoC (proof of concept) with Vietnam, Singapore, etc., and is also planning to enter the North American and Eastern European markets within the year. IDBlock has secured approximately 290,000 authenticated users in the past three months, and is increasing its technological reliability through a joint PoC with global security company Thales.
Meanwhile, since its establishment, Crosshub has been recognized for its business performance and growth potential both domestically and internationally, having been selected for ▲Hongneung Special Zone GRaND-K Startup School ▲Industrial Bank of Korea NextONE ▲IBK Changgong Open Innovation ▲Jeonbuk Technopark Technology Commercialization Support Project ▲Busan Creative Economy Innovation Center BOUNCE Program, based on its technological prowess and marketability.
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