According to an article published by Yonhap News Agency on May 26, 2020, South Korea’s LG Group’s IT service unit – LG CNS Co. – has entered into a partnership with Canada-based Evernym Inc. to develop blockchain-enabled ID system.
Partnership to Power Blockchain-Based Digital ID Solutions
Blockchain technology continues to witness widespread adoption across swathes of traditional industries and emerging sectors. In the latest of such developments, LG CNS – the IT service unit of Seoul-based electronics giant LG – has inked a memorandum of understanding (MoU) with Evernym to establish global standards for decentralized identifier (DID) service.
Per sources close to the matter, the two entities will also jointly develop blockchain-powered DID solutions and peripheral business models.
DID solutions have picked up steam in recent times owing to the several security and trust issues associated with centralized ID solutions. DID gives users complete control over the digital identity and information without the involvement of any centralized registry or certificate authorities.
For the uninitiated, Evernym is a leading name in the self-sovereign identity (SSI) space. The Canadian firm has played an instrumental role in pioneering distributed ledger technology-based (DLT) DID solutions that give back the users control over their digital identities.
To date, Evernym has undertaken several initiatives to foster the use and adoption of blockchain-enabled digital identity solutions including launching the Sovrin Foundation to manage an alliance of DID technology firms. Further, Evernym is currently spearheading the World Wide Web Consortium to develop and implement global standards for DID services.
Democratizing Digital Identities via Blockchain
DLT-based digital identity solutions have experienced a considerable increase in demand as instances of personal data leak and theft by major tech conglomerates become more commonplace.