[2022 Hot IT Companies⑩] RaonSecure Breaks into US and Japan Markets with Mobile and Biometric Authentication Technology

Leading International Standard Development of DID Technology for Mobile Licenses and Government IDs
Entering the Non-Face-to-Face Education Market with Blockchain-Based Technology Expertise

[Asia Economy Reporter Kang Nahum] "We will lead the next-generation security and authentication market through bold investments and overseas business expansion."

This is the ambition expressed by Lee Soon-hyung, CEO of RaonSecure, in his New Year's address. Celebrating its 10th anniversary, the IT integrated security and authentication company RaonSecure plans to strengthen its security and authentication services through subsidiaries this year and explore new blockchain-related businesses. Based on this, the company aims to establish itself as a global service leader in the security and authentication market.

◆DID and FIDO technology standing out in the US and Japanese markets= According to industry sources on the 7th, RaonSecure led the development of DID technology and ecosystem expansion in the domestic market by carrying out major decentralized identity verification (DID) projects last year, including mobile government ID cards, mobile driver’s licenses, Gyeongsangnam-do mobile resident cards, and the Military Manpower Administration’s blockchain-based electronic wallet civil service. At the same time, it has actively participated in international standard development for DID as a board member of the global non-profit foundation ‘ADI Association’ overseas.

RaonSecure has been knocking on the door of the US market since establishing its US subsidiary in 2017. Despite difficulties faced by domestic companies in overseas business expansion due to the COVID-19 pandemic last year, it achieved remarkable results. It supplied a blockchain-based COVID-19 immunity verification system to CVS Health, the largest local medical chain operating about 9,900 pharmacies across the US, and conducted the first pilot project. This project is based on the first digital identity authentication platform implemented according to the official specification ‘ADI Spec’ announced by the ADI Association.

RaonSecure’s US subsidiary recorded its first sales last year through the contract with CVS Health and expects sales to increase more than threefold this year. Having secured a demonstration case by applying the global DID standard, the company plans to intensify its global market penetration going forward.

Achievements in Japan are also notable. RaonSecure was the first in the world to obtain the ‘Fast Online Authentication (FIDO Certified)’ global certification and launched a subscription-based biometric authentication service in the Japanese market in July 2020 based on TouchEn OnePass. Recognizing the characteristics of the Japanese market, where demand for biometric authentication services is increasing due to the prolonged COVID-19 pandemic and the rise of non-face-to-face work, the company quickly introduced a subscription-based biometric authentication service.

As a result of continuously attracting large local clients such as financial companies and major corporations, the service surpassed 1 million MAU (monthly active users) within nine months of launch, successfully establishing itself in the Japanese market, which is ten times larger than the domestic market. RaonSecure plans to aggressively expand its market share in Japan this year through collaboration with local partners.

◆Entering the non-face-to-face practical training market= RaonSecure will also actively promote ‘OmniOne,’ a blockchain network-based DID identity verification service developed by its subsidiary RaonWhiteHat, this year.

Previously, RaonWhiteHat won the ‘2021 Blockchain DID Intensive Project’ from the Ministry of Science and ICT and the Korea Internet & Security Agency. In this project, RaonWhiteHat provides COVID-19 vaccination information services through the OmniOne application (app). The strategy is to lead the implementation of next-generation identity verification systems by adding various IDs and certificates such as mobile employee IDs and student IDs to the OmniOne app in the future.

RaonWhiteHat also declared its entry into the non-face-to-face practical training market by launching ‘e-training.com,’ which integrates new technologies with blockchain-based DID technology and the know-how of operating the security practical training program ‘Raon CTF.’ E-training.com is a specialized platform for non-face-to-face practical training services applying new technologies such as blockchain-based DID, cloud virtualization, and virtual reality (VR).

Through OmniOne, various certificates such as DID-based mobile student IDs and education completion certificates are issued to enhance reliability and security. It features improved immersion and learning effectiveness in non-face-to-face practical training by utilizing cloud virtualization technology and 360-degree VR-based immersive content. RaonWhiteHat aims to target the global edutech market through e-training.com. According to the industry, this market is expected to reach about 400 trillion KRW by 2025.

CEO Lee said, "This year, marking RaonSecure’s 10th anniversary, will be a year of change and challenge," adding, "Based on the know-how of leading major public projects as a leading domestic DID company, we will discover future growth engines."