LG Partners With Evernym To Develop Blockchain ID Technology
LG Partners With Evernym To Develop Blockchain ID Technology
May 27, 2020
LG Partners With Evernym To Develop Blockchain ID Technology
LG Partners With Evernym To Develop Blockchain ID Technology
May 27, 2020

LG, the Korean tech giant, has partnered with Evernym, the US-based company, to develop blockchain ID technology.

On May 26, it has been reported by Asian financial news outlet Aju Business Daily that LG CNS — LG’s IT services subsidiary, signed a memorandum of understanding with Evernym, as the collaboration between the two firms aims to develop international digital identity standards at the World Wide Web Consortium.

However, to establish the new standard, the two firms decided to jointly develop a blockchain-based decentralized authentication system to replace international driver’s licenses and passports.

Evernym already launched Sovrin, a platform aiming to enable organizations and governments to issue, verify, and manage digital credentials such as digital passports.

As it has been reported in September 2019, Evernym scored a $2 million investment from Overstock’s venture capital arm Medici Ventures.

ALSO READ :  Intel’s SGX Allows Passwords, Encrypted Keys, And Other Sensitive Data

At the time, Jonathan Johnson, the CEO of Overstock, said:

“Evernym’s platform allows every person, organization, and connected thing to have an independent identity.”

Likewise, Gabriel Kurman, the head of strategy at RIF, a Bitcoin-based solution that develops its own identity management system, said that he sees such a standard could bring great benefits to personal data security.

While he has high hopes for this system, he also highlighted the importance that such solutions be open source by saying:

“I hope that this standard will help future generations to recover the right to privacy over their digital interactions that our generation lost in the past 15 years. Also to make access to ID easier for vulnerable communities. On the other hand, I wouldn’t really like to see this tool used for mass surveillance by tech companies and governments disguised by well-intentioned standards. For that to be avoided, open-source technology is needed as well as public blockchains.”

Source: Cointelegraph | Image: Medium


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.