- In a local report from Korea, LG’s information wing, LG CNS signed a memorandum of understanding (MoU) with the blockchain-based firm, Evernym.
- Will introduce decentralized identification (DID) on international passports and driving licenses.
A post from Aju Daily further explains that the partnership with LG CNS will push the software company that develops decentralized, self-sovereign identity applications, into building global blockchain-based identification systems.
The Evernym system aims at replacing the physical international drivers’ licenses and passports by allowing governments to “issue, accept, and verify credentials that operate like a digital passport.”
The implementation of a new blockchain-based authentication system is the start of a partnership between LG CNS and Evernym. On the statement, LG CNS will actively work with Evernym to contribute to the Worldwide Web (W3C) Consortium.
The Chief Technology Officer at LG CNS, Kim Hong-Geun, is aiming at a global market to offer an instant and secure identifier to governments and firms. Kim spoke on the latest signed MOU stating,
“Through cooperation with Evernym, we will create DID solutions and service models that can be used globally. We will also actively participate in related public projects so that South Korea can lead the global standardization of decentralized identification (DID).”
Blockchain Developments in Digital Identification
In February, the LG and Samsung backed consortium, SK Telecom, announced the first-ever mobile-based id system built on blockchain, in partnership with local bank, NongHyup (NH) bank. The new DID system by Evernym will also feature on smartphones allowing users to transfer and retrieve identity information at any moment from the blockchain.
Following IBM’S and Evernym’s partnership in early 2019, a number of venture capital firms started knocking on its doors with Overstock’s Medici Venture’s closing a $2 million investment round in the blockchain-based ID firm.
LG CNS is also engaging in other areas of the fourth technology revolution recently saying it will increase its efforts in R&D in the artificial intelligence, cloud computing and blockchain industries.