ICONLOOP Joins IITP R&D Project on Decentralized Digital Identity Management and Security Technology
The project is part of the ICT and Broadcasting R&D Program (Information Security Core Source Technology Development Program) supported by the Ministry of Science and ICT (MSIT) and the Institute of Information & Communications Technology Planning & Evaluation (IITP). It aims to develop privacy protection technology based on selective credentials and delegation for the use of self-sovereign decentralized digital identity in 5G service environments, security technology for digital identity wallets supporting private key backup and recovery, and core technology for multi-domain digital identity management. ICONLOOP is carrying out the project together with four other organizations and companies, including the lead institution, the Electronics and Telecommunications Research Institute (ETRI).
With this year set to mark the launch and adoption of a variety of blockchain-based digital identity verification services, there is growing need to secure common security technology across blockchain platforms, link services together, secure source technology for privacy protection, and strengthen identity wallet security in preparation for wider service rollout.
In this project, ICONLOOP will develop integrated interface technology for sharing digital identity across multiple blockchain platforms, along with a prototype for credential issuance and use. The company also plans to apply the key decentralized identifier (DID) technologies developed through the project to MyID, its own platform, and to advance core technology for connecting multiple blockchain platforms in order to increase the scalability of digital identity management.
"We expect this project to lay the technical foundation for MyID to connect with a wide range of blockchain platforms and expand further in the future," said ICONLOOP CEO JH Kim. "ICONLOOP will continue to devote itself to research and development on more advanced DID and cross-blockchain-platform connectivity technology, working to realize a digital ID ecosystem that can be trusted."
Backed by its distinctive DID capabilities, ICONLOOP became the first company in Korea to be registered in the international DID standard of the World Wide Web Consortium (W3C), and it leads the MyID Alliance, Korea's flagship cooperative body for building a DID ecosystem. MyID is ICONLOOP's blockchain-based digital identity verification platform, designated last year as an Innovative Financial Service by the Financial Services Commission (FSC). The MyID Alliance also took part in the financial sector's common DID standard recently announced by the Financial Security Institute, and complies with the standard in full.
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