LG CNS collaborates with US firm on blockchain digital identity

LG CNS said Tuesday it is teaming up with US-based Evernym to develop blockchain-based digital identification solution.

Based in Salt Lake City, the US firm specializes in developing decentralized identifier (DID) solutions. DID technology can be used to verify identities of individuals, vehicles and other entities through an online network.

DID solutions, which utilize blockchain technology, are also considered more secure than existing identification systems based on centralized registration authorities.

LG CNS said it recently signed a memorandum of understanding with Evernym to cooperate on creating international DID standards

The company also hopes to find new business models, which could eventually substitute passport, international driver’s licenses and the existing digital authentication system that will be soon abolished here.

LG CNS is currently part of Sejong City government’s blockchain platform project, dedicated to inventing solutions for verifying digital identities of self-driving cars.

By Shim Woo-hyun (ws@heraldcorp.com)