ICONLOOP just put out a deeper dive into its MyID decentralized ID platform.

It’s a bit of a coincidence, as we looked at the MyID-powered mobile app Zzeung yesterday.

ICONLOOP explains that MyID arose against a backdrop of a quickly progressing digital economy society. In a digital economic society, social and economic interaction between economic players and a growing diversity of credentials to verify each player demand a higher level of mutual trust.

What MyID does is use DID technology to solve data leaks and other problems caused by the monopolization of personal identity by third parties, and return to users sovereignty over their web identity and web data.

DID = Decentralized Identifier

DID technology differs from existing, centralized ID systems that rely on bodies such as Google or Facebook to authenticate identities before you can use them. DID separates the issuer and verifier, allowing the user to directly manage their ID data through a wallet. This “self-sovereign” method means you can choose which data to submit to a verifier.

Broadly speaking, DID has the following characteristics.

  • You control your own personal data on your own personal device. No need to save personal data on a business’s server.
  • You can choose which data to submit. That is, you can submit only the data you need to submit to use a particular service.
  • Authentication is more convenient. You can reuse your ID data once it has been confirmed. Personal data is saved on the blockchain, which makes it tamper-proof.
  • You can flexibly submit data. That is, you can submit multiple ID certificates at the same time, including national credentials, age verification and the like.

MyID: DID made easy

ICONLOOP created the MyID platform to make DID technology easier and more convenient. MyID lets you safely store and verify personal data for financial ID services, local administrate services and the like. It also ties in with the mobile wallet app Zzeung (discussed yesterday).

What makes MyID so great? Well…

  • It’s easy to use. In particular, service providers can quickly and easily integrate MyID into their service apps. (Just a note: ICONLOOP provides BaaS for public or private blockchains, depending on the service goal).
  • It’s ready to use. You can use MyID to directly issue verifiable credentials (VCs) and use VCs issued by other institutions in a simple way.

MyID’s major functions include:

  • DID wallet: Use the wallet SDK to enable DID-based VC issuance or submissions within your business’s service app. Use or share outside-issued DID wallet: Use the wallet SDK to enable DID-based VC issuance or submissions within your business’s service app. Use or share outside-issued VCs. You can connect DID to PDS (cloud-based personal data stores). You can safely store or send encrypted VC data.
  • MyID API: MyID provides an API connected to multiple blockchains, enabling you to connect and share other VCs. The API lets you manage DIDs, manage VC validity, produce VCs and verify VCs.
  • Partner Center: Issue, verify VCs all in one place, and monitor credentials with a dashboard.
  • Blockchain BaaS: MyID provides a public blockchain as a basic option, though you can choose a private chain. There are also specialized private chains for financial companies. MyID runs on the cutting edge loopchain core2.

Major use cases

MyID is already being put to good use. Major use cases include:

  • Financial IDs: MyID has been designated an “innovative financial service” by South Korea’s Financial Services Commission. Shinhan Bank and NH Bank use MyID to provide ID services. For example, NH Bank uses it to issue ID verification certificates that enable simplified, non-face-to-face ID verification for financial transactions.
  • Gangwon Province’s “Naya-na” mobile digital service platform: Uses MyID to simplify the previously tedious application process for administrative, economic and welfare services. Gangwon Province also uses MyID in a provincial healthcare platform for managing chronic diseases.
  • The ID verification system of POSCO’s CHANGeUP GROUND incubator in Pohang: ICONLOOP recently posted a cool video of this at work.
  • COVID-19 vaccination passports: You could use the MyID-powered Zzeung or Jeju Safety Code apps to receive government-issued vaccination status VCs and submit them when required.
  • Jeju Safety Code: When Korea was doing the whole social distancing thing, MyID powered the contact tracing solution of Jeju Island, Korea’s top travel destination (I talked a lot about my own experience with Jeju Safety Code here).