It has been confirmed that Samsung SDS, CJ OliveNetworks, and KB Bank have joined the consortium for a DID (Decentralized Identity) service called ‘initial’. It has become possible to check and use one’s points through ‘initial’ at drug stores such as Olive Young starting from next year. Also, Woori Bank is planning to implement DID as a real-life service by establishing a way to have VIP certificates be used at duty free shops by linking its services to ‘initial’.
“Samsung SDS, CJ OliveNetworks, and KB Bank recently submitted letters of intention to participate in the consortium and we have currently finished an internal review for their participation.” said a representative for the consortium. “We expect to expand the use of DID through various participating companies such as five commercial banks, three telecommunications companies, and a Smartphone manufacturer.”
As Samsung SDS, CJ OliveNetworks, and KB Bank have decided to join the consortium, the number of participating companies of the consortium has increased from 11 to 14 companies.
Before Samsung SDS, CJ OliveNetworks, and KB Bank have decided to join the consortium, SK Telecom, KT, LG Uplus, three major telecommunications companies, Samsung Electronics, KEB Hana Bank, Woori Bank, KOSCOM, BC Card, Hyundai Card, Shinhan Bank, and NH Bank were the 11 companies in the consortium.
CJ OliveNetworks is planning to utilize DID and have CJ ONE be accumulated and used at a drug store ‘Olive Young’. For example, a student is able to verify himself or herself through an application when purchasing an item.
Also, ‘initial’ will also help check the authenticity of a CGV prepaid gift card as well as the history of its use and the balance. CJ OliveNetworks is also planning to manage proof of employment, certificate of one’s career, and labor income withholding receipt within blockchain-based ‘initial’ application.
Samsung SDS is planning to participate in the consortium through node management. “We are going to push for ways to link DID to various innovative services such as insurance automatic window.” said a representative for Samsung SDS.
Woori Bank is also planning to improve the level of convenience for its customers by linking DID to duty free shops. For example, if its VIP customer saves the proof of his or her class into ‘initial’ application, he or she can receive coupons form duty free shops anytime.
The consortium is also planning to focus on the financial field next year. First, it is planning to simplify complicated processes such as application or submission of certificates that are needed to be approved for credit cards and loans.
It is also planning to utilize DID for stock firms. If an individual is issued a certificate for investment propensity, financial products will be recommended automatically from many financial companies. The consortium is also going to link DID to banks so that doctors and lawyers can receive benefits on loan interests through their credentials.
It is also going to establish a blockchain-based insurance service for loss or breakage of device between Smartphone manufacturers, property insurance companies, and telecommunication companies. If a person claims for breakage insurance, he or she needs to explain how and when the accident happened and which part of device is broken to an adviser and submit documents such as insurance claim, consent for processing of personal information, estimate for repair, and receipt for repair. The key is to simplify these processes through DID.
The consortium is also planning to provide reward coupons to consumers through ‘initial’ application.
These rewards are given when an individual submits specific data. For example, a consumer can receive a corresponding reward coupon for providing his or her report for physical examination to a big data company within the limit of not damaging his or her privacy.
The consortium is planning to launch ‘initial application’ that can manage every certificate next year. This application is also called a ‘certificate wallet service’.
This wallet service provides support for publication and verification of various certificates through DID-based blockchain network and SDK (Software Development Kit). Basically, one can save his or her personal information into a Smartphone and submit information when necessary. Authenticity of personal information issued by an institution is verified through blockchain technology.
“One can either submit documents directly or documents can be transferred between institutions through their systems.” said a representative for the consortium. “DID ‘initial’ eliminates processes of publication of certificates and direct connection between institutions that use certificates and protects one’s privacy as a result.”
Staff Reporter Kim, Jihye | firstname.lastname@example.org