SEOUL, May 26 (Yonhap) -- LG CNS Co., an IT service unit of South Korea's LG Group, said Tuesday it has joined hands with a Canadian firm to develop blockchain-based ID system.
LG CNS said it signed a memorandum of understanding with Evernym Inc. on establishing global standards for decentralized identifier (DID) service. The two sides will also collaborate on developing blockchain-based DID solutions and related business models.
DID allows users to control their digital identity and information without any centralized registry or the help of certificate authorities.
Evernym is one of the leading self-sovereign identity solution providers and has established the Sovrin Foundation to manage an alliance of DID technology firms. It is currently leading the World Wide Web Consortium to set up global standards for DID service.
(News Focus) No parcel day: Why S. Korean delivery workers are taking a day off on Aug. 14
Advertising controversy grips S. Korean mukbang YouTubers
Seoul's last-ditch home supply plan still in doubt over its viability
Korean foodmakers ramp up overseas push amid COVID-19 pandemic
Bumpy road lies ahead for Samsung, even after heir avoids detention