We reported last week that ICONLOOP will participate in a government-led effort to develop DID and security technology to protect privacy in a 5G environment.
Korean-language blockchain media Blockchain Valley also reported on the project on Wednesday.
Part of a larger ICT and broadcasting R&D project supported by the Ministry of Science and ICT and Institute of Information & Communications Technology Planning & Evaluation (IITP), the initiative aims to develop selective disclosure credentials and delegation-based privacy protection technology, security technology for digital ID wallets for backing up and restoring private keys, and core technology for managing digital IDs on multiple domains.
ICONLOOP will be working with four other organizations and companies, including the Electronics and Telecommunications Research Institute.
All this comes as the need to secure common security technology between blockchain platforms, connect services, obtain original technology to protect privacy and strengthen ID wallet security rises to the fore with the impending release of blockchain-powered digital ID services.
In this particular project, ICONLOOP has been tasked with developing technology for an integrated interface for sharing digital IDs between blockchain platforms and creating a prototype for issuing and using credentials.
ICONLOOP will also apply the technology developed through the project to its own DID platform MyID and enhance core technologies to connect blockchain platforms in order to boost the expandability of digital ID management.
CEO JH Kim said he hopes the project can provide the technological base to allow MyID to expand even further by connecting it to various blockchain platforms. He added that ICONLOOP would work to realize a trustworthy digital ID ecosystem by focusing on researching and developing technology to enhance DID and connect blockchain platforms.