Joins Trust over IP Foundation as a Steering Member
LG CNS will take part in a global foundation set up to promote standardization of a next-generation digital identification system that can be used anywhere in the world.
LG CNS announced that it will participate in the Trust over IP (ToIP) Foundation as a steering member from this month. The foundation was launched in May this year to establish international technical standards and policies for a global identity certification system. Its goal is to establish a digital identity certification system that can be used anywhere in the world. For this, it is developing a distributed identification (DID) standard model compatible with the standards of the W3C, an international web standardization consortium.
Currently, about 110 global companies and institutions are participating in the foundation, which is the world's largest consultative body in the field of DID technology standards. The foundation's steering committee consists of 19 global companies and public institutions including IBM, MasterCard, British Columbia of Canada, Accenture and Evernym. LG CNS is the only Korean company on the committee.
The steering committee discusses and makes decisions on DID standards, protocols and governance by holding a general meeting once a month. Through its participation in the steering committee, LG CNS will be able to compete with global companies that are leading the establishment of international standards on DIDs. The company is planning to actively present opinions on its own blockchain technology and DID standards. It also plans to actively utilize the ToIP Foundation's standard technologies and protocols in the process of establishing its own blockchain platform called 'Monachain'. DID is a technology that proves an individual's identity with blockchain technology. One single DID certificate is compatible with services of various institutions.
LG CNS signed an MOU with Evernym, a global company specializing in DID, in May. The two companies are taking the initiative in establishing DID standards on W3C and working together to implement a certification system that will replace international driver's licenses and passports with blockchain technology.