Coinplug
Published in

Coinplug

Coinplug, Iconloop and Hyperledger Indy showcase interoperability

Greetings,

We want to share that Coinplug, Hyperledger Indy and Iconloop showcased interoperability during Tech Biz Korea 2020. The three companies were appointed by the Korean Electronics and Telecommunications Research Institute (ETRI) and the Korea Financial Telecommunications and Clearings Institute (KFTC) to lead the country’s innovation of Self-Sovereign Identity (SSI) technology.

Decentralized Identifier (DID) technology has been receiving a lot of attention as a key to solve problems with personal information leakage. However, although many services are following the DID and Verifiable Credentials (VC) data model proposed by the W3C, there is no standardization plan for interconnection. In order to solve this problem, ETRI and KFTC, supported by the Korean Ministry of Science and ICT, launched this initiative last year.

The project has the goal of developing a SSI platform that doesn’t depend on a specific blockchain and is able to disclose only the needed or requested information (zero knowledge proof). This will ensure privacy protection and achieve true interoperability. With the results obtained, the three companies will provide a universal reserver for DID which will be available for developers.

The project is divided in 5 scenarios to showcase how DID technology can be use in our daily lives:

  1. Trading platform for high-end products (Coinplug)
  2. Recruiting platform (Coinplug and Hyperledger Indy)
  3. Authentication (Coinplug)
  4. Stock Report (Iconloop)
  5. Backup and recovery (Iconloop)

The first scenario is a high-end trading platform where DID is used to prove or transfer ownership, it also provides convenient payment functions that respond to the security threads in existing payment solutions. With blockchain technology, users don’t have to go through complicated authentication procedures, increasing the convenience of the non-face-to-face digital service environment. In this scenario, Coinplug demonstrated development in integrated authentication and key/identification backup/recovery using the Metadium blockchain.

Among the five scenarios, the one with the highest focus on the universal SSI platform is the second one: a recruiting platform where an applicant can login with META DID (Coinplug) and obtain the verifiable credentials with Hyperledger Indy blockchain. This platform was designed to facilitate the recruiting process while protecting the personal information of job applicants.

What does this mean for the future of DID development?

At the moment, a specific DID reserver can be used only for a specific DID platform but this project is providing one that can be used universally. A universal reserver for DID means that developers can use it as a reference to connect multiple services.

Jeffrey Song, Coinplug’s Chief Technology Officer and lead developer for this project, said “Although DID standardization is being discussed worldwide, the conversation is focused on DIDs and Verifiable Credentials (VC) data models but rarely about the standards for actual interoperability.” He added “The results of this project are expected to be available for reference in various DID consultative bodies in Korea and abroad, with practical reference implementation for interconnection between different platforms.”

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
coinplug

coinplug

We unify and connect global businesses via Blockchain technology