ICON is a blockchain system that links other platforms like Ethereum, Bitcoin, Ark, QTUM, and NEO through smart contracts. ICON uses the ICX token which facilitates transactions between various cryptocurrencies by determining exchange rates via a DEX Reserve. ICON DEX Reserve is a decentralized exchange platform running on ICON’s network. It permits you to sell and buy tokens without matching sellers and buyers in an exchange. ICON aims to “hyperconnect the world” by developing a large decentralized network.
ICON is the brainchild of the $4 billion Dayli Financial Group of South Korea to use blockchain to eliminate the challenges posed by today’s data-intensive world. It was launched in 2016. In this article, I will give you a brief overview of ICON and provide an ICX forecast for 2020–2025.
Used in Hospitals for Insurance
One of the prime applications of ICON is in the insurance and medical sectors to help patients use their insurance to pay for medical services. When a patient visits a hospital for consultation or treatment, centers using the ICON platform can deliver a patient’s information to the insurance company, which also needs to be a member of ICON. ICX tokens are used to process such transactions.
Apart from the healthcare, ICON has also found applications in sectors like securities trading, through the platform’s Chain ID blockchain service. ICON also offers a pre-paid electronic payment application and plans to increase its partnerships with banks. South Korean colleges use ICON’s “U-coin” solution for day-to-day transfers and payments. Lastly, South Korean healthcare providers also leverage ICON’s P-HIS (Precision Healthcare Information System) to enhance inter-hospital information exchanges and data integrity.
What is ICON?
ICON’s decentralized network permits independent blockchains with diverse governance to perform transactions with each other without the need for intermediaries. Any individual can join the platform by crafting a blockchain project. The projects can freely link with existing programs and produce new blockchain multiverse.
ICON’s team states that the outcome will enable the interconnection and decentralization of communities, helping them overcome geographical, economic, social, and political boundaries.