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.