Could decentralized identification, or DID, be the application that finally sparks the mass adoption of blockchain technology?
Maybe. We learned during the last two weeks that Korea’s top financial watchdog, the Financial Service Commission (FSC), is working to mainstream DID as a way to promote the development and use of fintech services.
Earlier this year, the FSC included ICONLOOP’s “my-ID” DID solution into the watchdog’s Innovative Financial Services and Regulations Sandbox, making it one of only a handful of blockchain services so admitted. The “my-ID” service is at the heart of the MyID Alliance, one of three major DID initiatives currently underway in Korea.
The Ministry of Science, Technology and ICT’s Institute of Information & communications Technology Planning & Evaluation is also leading a project to develop a joint DID platform. Several institutions and companies are participating, including ICONLOOP.
As ICONLOOP Communication Team Lead Minhwan Kim said when the FSC news broke, “As ID is the basis of the digital economy, if the public van verify the value of blockchain technology through DID, it could promote the mass adoption of the technology in all fields.”
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