Korea’s four DID alliances
DID, short for Decentralized Identity, is a technology that allows users to identify themselves anywhere they go. The information is managed by the user, not by companies or decentralized institutions. For example, if you make an ID on a company’s website through existing systems, the ID is only available on that website. DID, however, does not belong to any institution. If a user activates his DID once, he can access many different services from various companies through the single DID. For DID to work, cooperation is essential. This is why alliances have been created in Korea. There are four groups in Korea — DID Alliance Korea, MyID Alliance, initial DID Association and MYKEEPiN ALLIANCE. The government last month collaborated with these four groups and came up with a joint and private DID consultative body. #"Building trust between DID networks”- DID Alliance DID Alliance was co-founded by Raon Secure CEO Lee Soon-hyung and co-founder of FIDO Alliance Ramesh Kesanupalli. Over 80 Korean companies such as BC Card, Lotte Card, Hana Bank, Samsung SDS, LG CNS are members of DID Alliance. #”Soon-to-be first in commercial banks” - MyID Alliance MyID Alliance is a service developed by ICONLOOP, a domestic blockchain developer. A total of 68 firms including Shinhan Bank, the Industrial Bank of Korea and Samsung Electronics are the partners to MyID Alliance. MyID Alliance, a DID platform of ICONLOOP, was selected by Financial Services Commission's regulatory sandbox for its innovative financial services. #Working with Korea’s three mobile carriers - Initial DID Association Initial DID Association is led by SK Telecom. It was first created by the Korea Internet & Security Agency and the Ministry of Science and ICT. Many companies including KT, LG U+, Samsung Electronics, KEB Hana Bank, Woori Bank joined the association. #The first who launched app - MYKEEPiN ALLIANCE MYKEEPiN ALLIANCE is a group developed by blockchain developer Coinplug last April. A total of 47 companies such as PSI Consulting, magic eco and Job & Partner are members of the alliance. Although it was founded last among the domestic DID alliances, it was the first to come up with actual services. “While others concentrate on major financial firms such as commercial banks, investment and securities firms, and insurance companies, MYKEEPiN ALLIANCE will focus more on diverse companies such as the game industry, media, education, construction, Internet of Things, and blockchain technology services,” said a spokesperson from Coinplug.