LG CNS partners with Evernym to promote DID tech
LG CNS, the information technology affiliate of LG Group, has joined hands with a company specializing in decentralized identity (DID) technology hoping to set up an identification standard that could be utilized anywhere in the world.
In a statement, Tuesday, LG CNS said it signed a non-binding memorandum of understanding (MOU) with Canada’s Evernym under which the two companies will collaborate to promote DID technology aimed at establishing an industry standard for the platform.
DID uses blockchain technology to identify an individual. With just a single client identification, the individual is enabled to have greater access to diverse services without additional verification procedures.
South Korea aims to abolish the current verification certificate and possibly apply a new identification procedure dubbed “My Data.”
Evernym is recognized as one of the leading companies in establishing a global DID standard, according to LG’s statement.
It also established the Sovrin Foundation that grouped together with tech companies to enhance
DID as well as taking a role in the World Wide Web Consortium (W3C) to possibly standardize the technology.
Once the DID is implemented, individuals will be able to verify their identities anywhere in the world. However, in order to do so, the technology must go through a global standardization process, which LG CNS and Evernym hope to achieve in the near future despite lots of hurdles regarding data privacy-related issues.
LG CNS plans to cooperate in developing DID solutions and other business models derived from the technology in diverse fields, which will significantly ease business operations making it possible to swiftly oversee current and past operations as well as detecting problems in the distribution cycle or detecting equipment that needs repair.
Once finalized, the DID will make it possible for new identification system to be implemented that are capable of replacing international driver’s licenses and passports as well as other forms of international identification, the LG statement added.
In recent years, DID’s convenience and safety factors have been well-recognized, which has local governments calling to implement the technology in state-run projects.
“Through the partnership with Evernym, we will establish a global DID standard and set new business models,” said Kim Hong-geun, LG CNS’ technology chief.
“We will actively take part to implement DID in government-run projects and contribute to the country in leading the standardization efforts.”