Jay Kim, Business Director of the my-ID project and CFO of ICONLOOP, was recently interviewed by News Tomato to speak on ICONLOOP’s ‘my-ID’, a digital identification service that allows for easier “untact” openings of bank accounts. 

During the interview, Kim first clarified the differences between DPASS and my-ID, both of which use DID technology. “While DPASS uses ICON’s public blockchain to authenticate personal information, my-ID will use individual enterprise blockchain, focused on the financial sector.”

He then went on to speak about how my-ID differentiates itself from other major telecoms’ DID services, explaining it all came down to the level of verification.

“The telecom companies’ DID service is a mobile-based service which can only identify the customer,” he said. “In comparison, financial institutions can identify and verify the authentication of ID cards. One of the special features of my-ID is that financial institutions issue certified information for the service. The level of verification is higher for financial institutions than for telecommunications companies.”

DID services were rapidly emerging due to increasing data leaks caused by online and mobile businesses, which Kim deemed held too much personal information. He noted that they had just now begun recognizing issues related to personal information.

Many believe blockchain is the technically viable solution,” he explained. “DID allows people to manage their own personal information. People can finally have control of their personal data, which is currently governed by existing central institutions.”

A service that has never existed before, until now.

ICONLOOP’s current focus is to successfully launch and utilize the my-ID service, which will run a sizable blockchain.

After the launch, Kim said they would focus on improving user experience and customer convenience in all business areas where DID services can be used. “Ultimately, my-ID is connected to our values ​​and goals of solving privacy issues and bringing new value to the market that no other platform has provided before,” he said. “We will move forward to change the business ecosystem.”

According to Korean IT news publication, ETnews, this could happen soon. ICONLOOP is currently in the final stages of developing ‘my-ID Alliance’, which could launch as early as next month. This initiative aims to conduct pilot tests with commercial banks & expand my-ID beyond financial institutions to industries such as e-commerce, sharing economy, healthcare and so on.

Most notably, my-ID recently received approval from South Korea’s Financial Services Commission (FSC). For more information, you can also read our interview with Jay Kim, which provides additional insight into the service.