Financial Institutions and IT Specialist to Join DID Alliance Korea

- In Necessity to build Decentralized Identity Environments and to Discuss Governance Methods
- For Solutions to Privacy Invasion Issues and the Establishment of Ecosystem

With global attentions to Decentralized Identity(“DID”), there have been active domestic and overseas movements for standardization of DID. DID Alliance Korea has been founded for standardization of DID and for solving issues such as centralization of identity and privacy invasion issues.

The Vision of DID Alliance Korea is to enable isolated people to have access DID platform to enjoy the benefits of welfare, medical care and other economical infrastructures.

On 24 July 2019, Starting Ceremony of DID Alliance was held at Mercure Seoul Ambassador Gangnam Sodowe in Seoul, attended by representatives from financial institutions, IT companies and other entities in related industries.

Yeongrin Kim, the Vice Chairman of EY Hanyoun and the former President of Financial Security Institute of Korea), was selected as the Chairman; and Gihyuk Lee, a professor at Chung-ang University and the Chairman of Korea FIDO Industrial Forum, and Hoyun Han, the Chairperson of Korea Digital Certification Forum, were selected as the Vice Chairmen.

The Alliance will be focusing on five primary plans for the effective governance. △Global cooperation and establishment of global forums, △Policy planning and public-private cooperation for DID, △Strategic alliance agreements, △Standardization of Global DID Policies and technologies, Suggestions for roadmaps, △Analysis for core technologies and the operation of technical and policy forums.

Yeonging Kim, the Chairman of DID Alliance Korea, said, “DID is the irreversible global trend and the ownership of the personal information belong to individuals”. And he also said that “Instead is separate efforts for DID platform formations, it is time to discuss the establishment of the government. We are dedicated to provide social, economic and technical supports to form a cooperative network for the expansion of DID”

Ramesh Kesanupalli, the founder of FIDO Alliance and the co-founder of DID Alliance, said that, “Our goal is to contribute to provide benefits to isolated people in Africa or India for access to infrastructures of culture, education and medical care.” And he added, “It is necessary to form a governance model for participants of the consortium blockchain network to function effectively. We will work on the development of policies for the participants to rely on.”