ICONLOOP’s Josh Choi introduced the decentralized identification (DID) service MyID at Hashnet Blockchain Conference 2020 on Tuesday.
The MyID Alliance deputy executive director explained that DID, which verifies your identity without the involvement of a mediating institution, is a new type of identifier on public key infrastructure. The identification code is composed of a value from a method, DID and special characters. Enter this DID address, and you can get a saved DID document.
Choi told the audience that trust between economic actors is extremely important. Trust issues emerge when you entrust all your information to a third party, which is why the trustworthiness of identification services is growing more important.
He said DID attempts to resolve the problems of existing ID methods such as breaches of personal information, unnecessary repetition of ID confirmation procedures and increasing verification costs. Because it takes place on a blockchain network, it was safe from hacking, while the use of a public key means there’s little chance of your data getting leaked.
Choi explained that the MyID service was composed of two parts: a real-name ID for use with financial services and a digital ID for non-financial services. The real-name one lets users take advantage of remote banking services, while the digital ID can be used to provide your ID for online and offline services.
Choi said ICONLOOP’s MyID has a monopoly on real-name ID services for the entire financial sector thanks to the license received through the Financial Services Commission’s regulatory sandbox. He said it is the only South Korean DID service you can use in all digital financial services that is compliant with the country’s financial laws.
So far, 47 financial institutions, e-commerce services, manufacturers and other institutions and businesses are taking part in the MyID Alliance.