From left, Cho Woo Yeol, CEO in charge of overseas marketing at eTunnel; Jung Joo Pil, CEO of ABB(Blockchain Today); Ahn Jung Min, CEO of eTunnel in charge of business strategy; and Kim Young Guk, CEO of eTunnel in charge of domestic operations, pose for a photo during a ceremony commemorating the signing of an MOU for strategic business cooperation on the 17^th.[Photo=eTunnel]

 

Biometric authentication security specialist company eTunnel and cryptocurrency-focused media company ABB, which operates Blockchain Today, signed an MOU. The agreement, held at eTunnel’s headquarters in Songpa-gu, Seoul on the 17^th, aims to facilitate the global market expansion of Vein-X, a vascular authentication system.

ABB Co.Ltd oprerates Blockchain Today, a blockchain-focused magazine that covers information related to blockchain technology, which is considered a core technology of the fourth industrial revolution, and cryptocurrencies. Blockchain Today has the longest history among domestic blockchain magazines and provides real-time coverage of global industry news through professional journalists and overseas correspondents.

Recently, Blockchain Today has been focusing on global expansion. Starting with the establishment of a branch office in Vietnam, it has received high praise for broadcasting real-time virtual asset news from the local area through operations such as operating an Indonesian version of its website. It is also accelerating efforts to attract English-speaking crypto subscribers in the US, India, the Philippines, and other English-speaking regions with its English news service.

As a result of this MOU, both companies have promised to make efforts for the global market expansion of eTunnel’s vein authentication system, Vein-X. The companies plan to cooperate to enable more customers to use the Vein-X which vein authentication system through Blockchain Today’s global platform. In addition, they plan to promote mutual development through continuous business exchange in the future.

Meanwhile, eTunnel recently developed the world’s first FIDO2(Fast Identity Online) system using vein authentication. The FIDO2 system, which has been developed to a system level equivalent to ISMS-P, is expected to be widely used in all areas requiring identity verification due to its high security and ability to communicate via RESTful methods, enabling unrestricted use on mobile and web environments.

With the increase of cybercrimes and information leaks, biometric authentication methods are being actively adopted worldwide. Financial authorities and banks in Korea are pushing for mandatory adoption of biometric authentication, and Japan has announced a policy to mandate biometric authentication for online payments by 2025. Various biometric authentication methods such as fingerprint, iris, and facial recognition are being used, but the finger vein authentication method is receiving the best evaluation due to its low risk of replication, absence of user reluctance, and ease of use.

Ahn Jung Min, CEO of eTunnel, announced that the company plans to collaborate with Blockchain Today for the global expansion of their Vein-X vein authentication system. “Through this MOU, we will strive to grow eTunnel into a central figure in the global biometric security market” he said.