South Korean government appoints Coinplug to develop an interoperable decentralized ID
We are happy to announce that during this first half of 2019 Coinplug, our main technical partner, has been selected by government-backed institutions to participate in projects of R&D, public and private sectors. In order to develop most of these projects, Coinplug will use Metadium Blockchain.
We would like to give you a brief explanation on what these projects are about and how we expect them to impact the society. In this post we will focus on the R&D project with ETRI, the Korean Electronics and Telecommunications Research Institute.
Based on the project requested by the Ministry of Science and ICT, IITP has appointed Coinplug to develop a decentralized identification platform that doesn’t depend on a specific blockchain and is able to disclose only the needed or requested information. The ultimate goal is to ensure privacy protection and achieve true interoperability.
This project is intended to last two years and will be conducted in collaboration with Korea Post, the Korea Financial Telecommunications & Clearing Institute, Koscom, BD (BlueDigm), and fellow blockchain developer, ICON.
“We [Coinplug] have been studying the blockchain technology since 2013 and we are actively exploring areas of utilization where blockchain technology can be meaningful,” said Coinplug’s CEO Jun-sun. “Social concerns and responsibilities for the industry are some of the main reasons we started Coinplug, it makes sense to collaborate in these projects and bring greater benefits to the society”
What can you do with this DID?
Once the project is concluded, the owners of this DID will be able to enjoy the benefits of accessing different services on top of different blockchain platforms like Metadium, ICON, and others that join.
One characteristic of this DID is the selective disclosure. Let’s say Karl holds this new developed DID, he can use it across different services in different blockchains. For example: if he needs to prove that he is a member of a specific service (on top of blockchain A) he can use his DID to show the validity of his membership without disclosing his email or other kinds of information. Now let’s assume Karl goes on vacation and needs to rent a car, instead of giving his driver’s licence that contains sensitive information to the service provider (on top of blockchain B), he can simply use the same DID and prove he has a valid driver’s license and that he is old enough to rent a car with.
Stay tuned, we’ll soon share more information about the other government-backed projects where Coinplug will be participating.