Yesterday it was announced that Korea’s BankID, a decentralized identity (DID) solution called MyInfo, went live on August 27 with seven banks. The solution was a joint development between the Korea Financial Telecommunications and Clearings Institute (KFTC) and Raon White Hat, a subsidiary of Raon Secure, the developer of the OmniOne blockchain.
Users create a digital identity with any of the banks by providing the usual sort of documents. The details of the digital identity that’s created are securely stored on the user’s smartphone. The customer can use the DID for bank logins and if the person wants to make an application at a different bank, they can share selected details from MyInfo with the other bank. The wallet stores details such as mobile phone number, address and e-mail. It also includes a bio identity, which may involve facial recognition.
Raon first started working with KFTC when KFTC was exploring robo advisers for wealth management. One of the obstacles to the adoption of these software solutions is identity because it’s a hassle for users to verify themselves for each piece of software. By creating a decentralized identity solution, consumers prove their identity once. They can then use any robo adviser applications that support BankID without going through the whole process again.
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