LG CNS, the IT service affiliate of LG Group, announced on Tuesday that it partnered with U.S.-based Evernym Inc. to develop a blockchain-based digital identification system that could be used as a standard internationally.
The company said that it signed a greement with Evernym to collaborate on developing international decentralized identity (DID) standards.
DID enables users to have greater access to various services using a single client identification. The system uses blockchain technology for individual identification without the help of a centralized registry or registration authorities.
Evernym, based in Utah, U.S., specializes in DID solutions and a leading provider of self-sovereign identity solutions. In 2016, the company founded the Sovrin Foundation that aims to manage a group of DID technology companies.
Sovrin Foundation currently leads the World Wide Web Consortium (W3C) to establish international standards for the DID technology.
International Identification Standard
Kim Hong-geun, technology chief at LG CNS, said that through the agreement, the company would set new business models with an established global DID standard. He added that LG CNS would actively implement DID in state-run projects and contribute to South Korea’s standardization efforts.
LG CNS said that the technology would significantly ease its business processes, quickly overseeing current and previous operations. The company aims to also contribute to other business models derived from the development of DID solutions.
Once implemented, users could easily verify their identifications across the world. LG CNS said that the technology would pave for the creation of a new identification system capable of substituting passports, international driver’s licenses, and other existing forms of international identification.
However, the company added that for the complete success of DID, the technology still needs to go through an international standardization process.
Despite various hurdles regarding security and data privacy-related issues, LG CNS and Evernym hope to achieve global standardization in the near future.