Korean Electronics LG CNS to Develop Decentralized Identity System with US-based Evernym - Identity Review | #1 Digital Identity Reviews & News - Identity Review | #1 Digital Identity Reviews & News

Korean Electronics LG CNS to Develop Decentralized Identity System with US-based Evernym

Korean tech giant LG CNS announced Tuesday that it has signed with and is collaborating with US firm Evernym to develop an international ID card system that will create a blockchain-based authentication system that can substitute driver licenses and passports. Through this partnership, the two companies hope to enable the further development of international DID standards that can lead to the rise of new business models and potentially the replacement of existing digital authentication systems.

With South Korea leading the standards and adoption of digital identity, LG is just one of the many groups moving forward with improved identity verification procedures. According to Kim Hong-geun, executive director of LG CNS, “We will create a DID solution and service model that can be used worldwide through cooperation with Evernym.”

Moving Toward Global Digital Self-Sovereignty 

Evernym is a US-based software company that creates self-sovereign identity solutions. In 2016, the company founded Sovrin, a platform and identity network that helps organizations store and verify digital credentials, giving consumers control of their online existence and data.

In the past four years, Evernym has worked with hundreds of organizations and built out its product suite to include an abstraction layer that allows for easy issuing, holding and verification of verifiable credentials. The company also contributed to the development of World Wide Web Consortium (W3C) DID standards.

“LG CNS approached us because of our history in SSI and DIDs, we weren’t necessarily targeting the region. Korea is interesting, they have a history of being early and effective in certain technologies,” said Evernym’s Nick Ris, Vice President of Revenue. “We’re not trying to totally disrupt the existing identity market, more we’re going to augment it, and offer businesses a better, slicker, more cost-effective way to interact with their staff, and customers, etc.”

Korean Government Support and Cooperation

As a country, South Korea has already implemented and planned numerous decentralized identity initiatives that partner with multiple corporations. For example, LG CNS is also currently a part of Sejong City’s government blockchain project. The city announced earlier this month its intent to use blockchain to verify the identity of self-driving vehicles through partnerships with companies such as LG CNS, leading to additional developments of identity management and verification platforms.

The Rising Power of Blockchain Technology

Through the use of blockchain technologies, DID solutions provide a more secure and universal identification system. Additionally, such standards help bring value to personal digital and online security while also being accessible and open source. With the ability to create international DID standards and innovative replacements in the current identity space, collaborations between corporate entities such as LG CNS and Evernym aim to provide replacements that hope to give daily users more peace-of-mind and autonomy with improved security.

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