Looking back on a year of MyID Alliance milestones
The hectic, COVID-19-dominated year of 2020 is drawing to a close.
Ever since the novel coronavirus began spreading around the world last January, our world has been reshaped into something quite different from the one we knew — mask shortages, remote work, electronic entry logs and all the rest.
In the middle of all that change, DID established itself as a megatrend across the industry this year, following MyID's designation last year as an Innovative Financial Service by the Financial Services Commission (FSC). That trend began with the emergence of the MyID Alliance and several other DID coalitions, and it has kept drawing strong attention as it converged with issues such as the Three Data Acts and the abolition of the public certificate system. Expectations are just as high for wider real-world use starting next year.
Over the past year, the MyID Alliance has worked to broaden the use of DID technology across a range of industries, with milestones including:
Additional special exemptions under the Electronic Financial Transactions Act (February 2020)
Security review completed by the Financial Security Institute (April 2020)
FSC review of the plan for fulfilling supplementary conditions completed (May 2020)
Financial Supervisory Service (FSS) review of consumer protection measures completed (July 2020)
Launch of Zzeung, the MyID-based identity verification app (August 2020)
- Zzeung x Shinhan Bank: Korea's first commercial DID deployment in the financial sector (August 2020)
- Zzeung x Jeju Province: official launch of Jeju Safe Code, Jeju's tourism-oriented epidemic response system (December 2020)
MyID's Innovative Financial Service designation extended by two years (December 2020)
Alongside these efforts, we have led the industry by forming consultative bodies with a wide range of organizations, including the Financial Services Commission, the Financial Security Institute, the Ministry of Science and ICT (MSIT) and the Korea Internet & Security Agency (KISA).
To every partner company that gave the MyID Alliance such generous support and encouragement over the past year — thank you. In 2021 we will keep leading the industry through even greater engagement and collaboration, and build a more convenient and trustworthy DID ecosystem as our services move into full commercial use.
The MyID Alliance