Aju Business Daily

SEOUL -- LG CNS, the information technology wing of LG Group, joined hands with Evernym, a software company that develops decentralized, self-sovereign identity applications, to push for the development of ID cards that work everywhere in the world, using decentralized identity (DID), a blockchain-based identification system.

LG CNS said in a statement that it has signed a memorandum of understanding with Evernym to actively cooperate in establishing international standards at the World Wide Web Consortium (W3C). Through this process, the two companies agreed to implement a new authentication system with blockchain technology that will replace international driver's licenses and passports.

Evernym, the creator of Sovrin, offers a platform that enables organizations and governments to issue, accept, and verify credentials that operate like a digital passport. DID is a new type of encrypted identifier that normally uses public keys to establish secure communication channels.

They would develop DID solutions and business models based on blockchain technology. If a decentralized identity (DID) ID card is issued through a smartphone, details can be distributed and stored on the blockchain platform to verify the identity of any institution.

"Through cooperation with Evernym, we will create DID solutions and service models that can be used globally," LG CNS chief technology officer Kim Hong-geun was quoted as saying. "We will also actively participate in related public projects so that South Korea can lead the global standardization of DID."