ICONLOOP will take part in a government-led effort to develop DID and security technology that can protect privacy in a 5G environment.
The blockchain company announced on Wednesday that it’s joining the project led by the Institute of Information & Communications Technology Planning & Evaluation (IITP), a publicly operated ICT research and development institution.
The project IITP focuses on developing privacy protection technology to help in the use of DID in 5G service environments, as well as security technology for digital ID wallets and for managing digital IDs for multi domains.
ICONLOOP is tasked with developing technology for an integrated DID interface that can help share DIDs across blockchain platforms and a prototype to issue and use credentials.
The company plans to integrate the technology developed during the project into its “MyID” DID solution and enhance its technology to link blockchain platforms.
Networks powered by 5G technology promise to make life more enjoyable, more efficient and more convenient, but they also pose serious security and privacy risks.
“One of the problems has to do with increasing the indiscriminate data collection and transmission that is currently taking place. The ability to have everything directly connected without connection density issues, could lead device manufacturers into negotiating the connectivity of their devices directly with mobile providers, and people would lose even more control over whether their devices are connected and what they can do.
But losing control of devices could also happen in a very literal way: devices will work (or not) outside of the control of a given user. A house appliance we buy using credit instalments, might decide not to work unless we are up to date with its instalments. 5G could be the gateway for new and dystopic future in which the meaning of property has radically changed, leading to an era where we don’t really own our devices, but instead possess a device that works as a service.”
ICONLOOP’s Communication Team Lead Minhwan Kim said, “ICONLOOP’s MyID service already uses various blockchain platforms with different characteristics to serve as solutions to different business sectors” He added, “In the financial sector, a financial blockchain platform is used as a zero contact identity authentication solution. In the case of non-financial sectors, which use services such as VisitMe and broof, public blockchains like the ICON Network are used. Meanwhile, the enterprise blockchain platform is used to support the public affair projects such as Gangwon-do Province’s medical blockchain platform, a project that ICONLOOP recently participated in.” Minhwan also stated, “ICONLOOP will expand its usability and implement a reliable digital ID ecosystem by connecting private blockchains and public platforms based on the MyID platform.”