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Korean Tech Giant LG Is Developing a Blockchain Identity System With a US Firm

LG has partnered with United States-based firm Evernym to develop blockchain ID know-how.

Asian monetary information outlet Aju Enterprise Every day reported on Could 26 that LG CNS — LG’s IT companies subsidiary — signed a memorandum of understanding with Evernym. The collaboration between the 2 companies goals to develop worldwide digital identification requirements on the World Vast Net Consortium.

A brand new identification customary for the online

To determine the brand new customary, the 2 companies determined to collectively develop a blockchain-based decentralized authentication system to exchange worldwide driver’s licenses and passports. Evernym already launched Sovrin, a platform aiming to allow organizations and governments to problem, confirm and handle digital credentials resembling digital passports.

As Cointelegraph reported in September 2019, Evernym scored a $2 million funding from Overstock’s enterprise capital arm Medici Ventures. On the time, Overstock’s CEO Jonathan Johnson stated:

“Evernym’s platform permits each particular person, group, and related factor to have an unbiased identification.”

LG CNS and Evernym didn’t reply to Cointelegraph’s inquiry by press time.

Gabriel Kurman is head of technique at RIF, a Bitcoin-based answer that develops its personal identification administration system. Kurman Cointelegraph that he sees such a typical may carry nice advantages to private knowledge safety. Whereas he has excessive hopes for this technique, he additionally highlighted the significance that such options be open supply:

“I hope that this customary will assist future generations to get well the appropriate to privateness over their digital interactions that our technology misplaced prior to now 15 years. Additionally to make entry to ID simpler for weak communities. However, I would not actually prefer to see this instrument used for mass surveillance by tech firms and governments disguised by well-intentioned requirements. For that to be averted, open-source know-how is required in addition to public blockchains.”

Blockchain use in digital identification options

Blockchain’s censorship-resistance and resilient infrastructure make it an important match as a basis for digital identification options that have to be safe and all the time accessible. Decentralized digital identification options are probably the most energetic areas of growth of blockchain know-how.

Earlier this month the South Korean metropolis of Sejong introduced that it plans to make use of blockchain to retailer and confirm the identities of self-driving automobiles.

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