In the past year, South Korea has seen several decentralized identity (DID) initiatives launched in the country. One of the major industry associations is the Decentralized Identity (DID) Alliance Korea, which aims to take charge of self-sovereign identity in the country and have an impact globally.
Established in 2019, the DID Alliance is working on developing a standardized and interoperable framework for verifying identities. Its membership includes some of the country’s biggest banks and card companies, as well as Samsung and LG.
During the last decade, Korea suffered numerous data leaks from credit card companies such as KB Kookmin, NongHyup, and Lotte. If personal data resides in silos, when compromised, it leads to the loss of data affecting millions of people. Hence the inclination towards DIDs and self-sovereign identity, which puts control of personal information back into the hands of users.
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