ICON (ICX) South Korean Government Support Can Strengthen Long Term Future Forecast | ICX/USD Price Analysis Today

ICON (ICX) and Samsung Partnership

One of the evident reasons why many investors still believe in ICON (ICX) among hundreds of currencies barely withstanding crisis for the last couple of months is the partnership that ICON made with Samsung back in May of the current year.

What is interesting that back at the time when Samsung and ICON announced their agreement, ICON was the 19th best currency, while this spot now belongs to VeChain Thor (VET), ICX being pushed down to the spot 36, on October 14th becoming the 35th largest currency thanks to the latest rises.

ICON (ICX) Price Today – ICX / USD

Name Price24H (%)
Bitcoin (BTC)

Samsung is known to be one of the leading tech developers, also famous by their top-selling smartphones, that way making up for a really important milestone within ICX operations.

Since the project named Chain ID that ICX and Samsung are working on together with Korean Financial Blockchain Investment Consortium should be massively used with new products that ought to be developed by the tech giant, ICON still has a chance of getting closer to the nearest milestone of 1$ driven by this applied blockchain-inspired use case.

ICON (ICX) Increases Ties With South Korean Government

South Korea is a powerhouse when it comes to crypto markets. Things that happen in this Southeast Asian nation have big implications across the entire market and crypto ecosystem. The government’s role in shaping the future of this market is paramount and crypto projects close to that will have the edge. ICON seems to be making more progress than others in this department. ethereumworldnews reported today.

In a recent Medium post the Korean crypto team highlighted its latest development and ties with the government. Firstly it emphasizes how important government decisions can be for the crypto industry with some of the world’s largest exchanges based with huge daily trade volumes.

It also states that leading traditional companies are seeking to tokenize existing business models and apply blockchain technology to optimize operations. Now that Bithumb has been taken over by another conglomerate, all major exchanges in Korea are now operated by large consortiums, giving them that extra layer of security and consumer confidence.

ICON has positioned itself as the leading platform in Korea focused on serving these large corporations with blockchain solutions; “Hence, the business partnerships with companies like LINE (joint venture), Samsung Electronics, SK Planet, and Smilegate. All national leaders in their respective industries,” the post added.

Looking back to 2016, ICON has been the leading tech partner for a number of core government initiatives in the insurance, healthcare, customs service, and education industries. It has also received government funding from the Ministry of Creation and Science, and the Ministry of Science, ICT and Future Planning. Not many other crypto projects can claim such an accolade.

In July this year ICONLOOP was selected to support national election development as the;

“blockchain technology consultant for ‘Building the Next Generation Election System based on Intelligence Information Technology’, launched by the Korea National Information Society Agency and supervised by Korea National Election Commission (NEC).”

Blockchain based ballot counting and voting systems will be developed with this partnership. Korea’s plans to develop Jeju Island as a blockchain hub also involve ICON as recent discussions were held by local dignitaries and the ICON team.

Similar plans to turn Seoul into a major blockchain center have resulted in meetings between politicians and industry specialists. Last month ICONLOOP was selected as an operator of Seoul’s Standard Blockchain platform for the ‘Seoul Blockchain Demonstration Project,’ commissioned by the Seoul Metropolitan Government.

The list goes on but it is clear that ICON and the South Korean government are heavily intertwined. Unfortunately for the team and investors ICON’s native token, ICX, has not escaped the bears this year. ICX has dropped way down the market cap chart and is currently 34th with $265 million. Today it is trading at $0.683 which is its lowest level for a year and 94% down from its all-time high of over $12. The future looks bright for ICON so now could be the best time to pick up some low priced tokens.

ICON and SK Holdings Partnership Taking Blockchain to Financial Systems

As the price of ICX is still showing progress, slowly climbing towards breaking the value of 0.70$, currently being traded at the price of 0.63$, ICON might get a chance to progress further in the market exploiting the power of “hyperconnectivity” and the network called ICONLOOP.

One of the potential aces that ICON foundation might hold up their sleeves is the partnership the team made with SK Holdings approximately a month back.

The partnership has as a goal to take blockchain to financial systems, finding another payable use case to this South Korean currency best known by interconnecting various blockchain-based projects.

Ripple (XRP) already showed how far can a crypto asset go when intervened with financial systems, being the third-largest crypto, so ICON might have at least a similar experience as its peer.

SK Holdings will work together with ICON foundation to bring blockchain solutions to financial industry, and since the protocol of ICX is neatly designed to support high-end authentication, the project should target financial brokers, banks, insurance companies, and other financial business models, offering blockchain solutions to all financial services.

However, ICON might not be able to achieve the same success as Ripple in the industry of finances as the project will be targeting small and medium-sized financial institutions and business. Still, the MOU signed with SK Holding as well as the application of technology through the initial project might provide the needed boost for ICON by the beginning of Q1 of 2019.

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.
Aamir Kapoor is a fintech writer specializing in cryptocurrency and blockchain. He has a background in finance and banking and was a researcher.