In Partnership with Canada's Evernym
LG CNS announced on May 26 that it will develop ID cards that can be used anywhere in the world in partnership with Canada's Evernym, which specializes in blockchain-based decentralized identity (DID) technology.
LG CNS has signed an MOU with Evernym to establish global standards on DIDs.
DID is a new technology that identifies an individual using blockchain technology. It allows an individual to use services of various agencies without additional certification. It is receiving spotlight as it can help realize 'My Data' in compliance with the three data-related acts and replace the recently abolished public ID certificates.
Evernym is a leading company in establishing global standards for DID technology. It set up the Sovrin Foundation, an alliance of DID technology companies, and is leading the establishment of standards in World Wide Web Consortium (W3C), which establishes global standards on DID.
Through this MOU, LG CNS and Evernim agreed to actively cooperate in contributing to the establishment of DID standards for W3C and establishing a business foundation for global identity certification. Through this process, they will implement a new authentication system that will replace international driver's licenses and passports with blockchain technology. It also actively cooperates in developing blockchain-based DID solutions and business models.
The Korean DID market is growing rapidly thanks to the convenience and safety of DID. The growth will be further fueled by recent changes such as the introduction of My Data and the abolition of public certificates. Local governments are also placing increasing orders for public projects to build DID systems.