Yesterday it was introduced that Korea’s BankID, a decentralized identity (DID) resolution known as MyInfo, went stay on August 27 with seven banks. The answer was a joint improvement between the Korea Monetary Telecommunications and Clearings Institute (KFTC) and Raon White Hat, a subsidiary of Raon Safe, the developer of the OmniOne blockchain.
Customers create a digital id with any of the banks by offering the same old form of paperwork. The small print of the digital id that’s created are securely saved on the consumer’s smartphone. The shopper can use the DID for financial institution logins and if the particular person needs to make an software at a distinct financial institution, they’ll share chosen particulars from MyInfo with the opposite financial institution. The pockets shops particulars equivalent to cell phone quantity, tackle and e-mail. It additionally features a bio id, which can contain facial recognition.
Raon first began working with KFTC when KFTC was exploring robo advisers for wealth administration. One of many obstacles to the adoption of those software program options is id as a result of it’s a problem for customers to confirm themselves for each bit of software program. By making a decentralized id resolution, customers show their id as soon as. They’ll then use any robo adviser purposes that help BankID with out going via the entire course of once more.
Whereas the answer is compliant with W3C requirements, there are appreciable variations between DID options, significantly concerning what’s saved on the blockchain. We consider that on this case, verifiable credential issuance info is saved on the blockchain in addition to the decentralized identifier (DID), at a minimal. We’ve got requested extra particulars however didn’t get a response in time for publication.
A attainable downside in storing the consumer DID on the blockchain is the potential to construct an intensive digital path. Despite the fact that monetary knowledge is related to a DID, not an individual, that could possibly be traced again to their identify and tackle. Many DID options keep away from publicly storing DIDs because of this. This is likely one of the clarifications we requested from OmniOne.
The consortium of banks, the Monetary Distributed ID Promotion Council, plans to introduce different non-bank use circumstances for financial institution issued verifiable credentials. One can think about a bank-issued credential that is perhaps used to show creditworthiness when renting an condo.
The seven banks which have gone stay are Shinhan Financial institution, Woori Financial institution, NH Nonghyup Financial institution, Industrial Financial institution of Korea (IBK), Busan Financial institution, BNK Kyongnam Financial institution, and the Korea Improvement Financial institution.
There will probably be 16 banks by the top of the yr, with the opposite banks set to hitch as Normal Chartered Korea, Hana Financial institution, Kookmin Financial institution, Suhyup Financial institution, Daegu Financial institution, Gwangju Financial institution, Jeju Financial institution, Jeonbuk Financial institution, and Okay-Financial institution.
In the meantime, Raon and OmniOne are additionally concerned within the LG CNS undertaking to implement Korea’s blockchain-based driver’s license resolution to offer a nationwide id credential. Each Raon and KFTC are members of the DID Alliance, considered one of several decentralized identity initiatives in Korea.