SEOUL, May 23 (Korea Bizwire) – Industry experts say Microsoft’s much-maligned ActiveX software may be scrapped and replaced with advanced technology such as biometric recognition under the newly elected Moon administration, after being slammed over its security vulnerabilities and widely viewed as plaguing the South Korean web with exhausting and complex online identification processes for years.
President Moon has in the past pledged to scrap ActiveX and do away with the nation’s controversial ‘certificate verification’ system that is being widely used on the internet for services ranging from online banking, payment processing and identity verification.
Park Jong-sun, a researcher at Eugene Investment & Securities, said, “We are being urged to come up with an alternative as the prospect of scrapping ActiveX and its identity verification system looms large. The end of ActiveX will likely to bring about a big opportunity for South Korean IT companies.”
“An increasing number of brokerage firms and banks are adopting biometric recognition technology such as iris recognition in their financial and banking services, including payments and money transfers,” Park added.
Park expects the South Korean biometric recognition market to grow by 19.2 percent on an annual basis, particularly iris recognition, as growing demand could see sales of the technology grow to reach 33 billion won by 2018, a drastic increase from 1 billion won in 2013.
The growing popularity of smartphone models with biometric recognition features is also expected to be a major contributing factor in the upcoming years, as the latest market forecasts predict the global industry for biometric recognition technology to reach 33.3 billion dollars by the year 2020.
The wide use of ActiveX in South Korea has been inextricably linked to the nation’s ‘certificate verification’ system.
In 2012, nearly eight in ten South Korean websites were found to be using ActiveX, while only one in twenty websites required visitors to install ActiveX in most developed countries, according to statistics from the Korea Internet Security Agency.
Hyunsu Yim (email@example.com)