A look at MyID, the DID identity verification platform built on ICONLOOP's own technology
ICONLOOP applies DID technology across many areas of everyday life through MyID, the DID identity verification platform built on its own proprietary technology. Working with government, local authorities, and enterprises, ICONLOOP is building an innovative digital ID ecosystem through meaningful use cases and its own services — and here is a closer look at the MyID platform service behind it.
The MyID platform was born out of a society evolving rapidly into a digital economy. In a digital economy, the social and economic interactions between actors multiply, and so do the kinds of credentials that prove who each actor is — which calls for a much higher level of mutual trust. Using digital identity verification built on DID technology, MyID solves the problems that arise when a person's ID is monopolized by a third party, such as personal data breaches, and returns sovereignty over your online identity and data to you.
DID = Decentralized Identifier
Decentralized identity, distributed ID
Commonly called distributed ID or decentralized identity, DID is a self-sovereign approach. Unlike the conventional centrally managed model, where an organization controls your information, it separates issuance from use — an Issuer and a Verifier — and lets the owner of the identity manage a range of identity data directly through a wallet. And when it is needed, you can submit that identity data to a verifier entirely by your own choice.
To make DID easier and more convenient to use, ICONLOOP offers MyID, a DID identity verification platform. On top of the MyID platform, we have launched services that safely store and prove personal data — financial real-name verification, local government administrative services and more — along with Zzeung, a wallet application that holds multiple credentials and makes them easy to use.
MyID = an easy, straightforward DID platform
MyID is building an innovative digital ID ecosystem on ICONLOOP's proprietary DID technology.
Features and advantages of the MyID platform
1. Easy to Use
You can adopt a blockchain-based DID identity wallet into your service app quickly and easily.
The MyID Wallet SDK lets you add DID wallet functionality to your service app with minimal effort, and no separate authentication app has to be called.
The authoring and management features of the MyID Partner Center make issuance and verification easy and intuitive to manage.
It is built on loopchain core2, ICONLOOP's latest blockchain engine, for fast and stable performance.
A public or private blockchain suited to your service purpose is provided in BaaS form (financial blockchain, public-sector blockchain, and so on).
2. Ready to Use
With the MyID platform you can issue credentials (VCs) yourself and easily make use of VCs issued by other organizations.
Adopting the MyID platform gives you easy access to VCs already issued on the platform, such as financial real-name verification, Jeju Safe Code verification, and driver's license verification.
Being able to issue VCs yourself improves the user authentication experience and creates new business opportunities as a DID-based credential issuer.
Because credentials are issued and submitted through the data subject's own identity wallet, moving personal data between organizations becomes quick and simple.
MyID platform architecture
* VC (Verifiable Credential): identity data verified and issued by an issuing organization, signed with that organization's private key
* VP (Verifiable Presentation): identity data the user (Holder) submits for the information a verifying organization requires in order to provide a service, signed onto the VC with the user's own private key
Key MyID platform features
[DID Wallet] DID identity wallet functionality
Issue and submit DID-based VCs easily from your service app using the Wallet SDK
Use and share VCs issued by a variety of external parties
Integration with PDS (cloud personal data storage)
Encrypted storage and transmission management to keep VC data safe
[MyID API] APIs for external VC integration and DID functionality
An integrated API connected to multiple blockchains, making it easy to link and share other VCs
API functions provided: DID management, VC validity management, VC creation, VP verification and more
[Partner Center] Convenient management features
Issue and verify from one place, and monitor through a dashboard
Management features provided: dashboard, verification management, issuance management, VC market, issuance/submission authoring tools and more
[Blockchain BaaS] Blockchain delivered as a service
MyID public blockchain provided by default
MyID private blockchain available as an option
Financial institutions can use a dedicated private network (MyID financial blockchain)
Built on loopchain core2, ICONLOOP's latest blockchain engine
Key references and use cases
Financial real-name verification use case: MyID (Zzeung) financial real-name verification was applied in All One Bank, NH NongHyup Bank's mobile everyday-finance platform, to the issuance and reissuance of All One PASS (the All One Bank mobile OTP) and to raising transfer limits — steps that require non-face-to-face identity confirmation — simplifying the whole non-face-to-face verification procedure.
Regional resident identity verification use case: the MyID platform's DID technology was applied to Nayana, Gangwon Province's integrated digital service platform, simplifying previously complex application processes and required documentation across administration, the economy, and welfare, while integrated online and offline identity verification expands usability into resident identity verification, qualification verification, finance, and more.
Zzeung, the MyID identity wallet app
Zzeung is a MyID-based DID identity verification service — an identity wallet app that holds a range of blockchain-based credentials, from real-name verification to visit verification and qualification verification, so you can keep them conveniently in one place and verify with them.
Life Meets Blockchain, ICONLOOP