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.

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