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According to the LG, the decentralized identity could replace all registration functions

June 3, 2020

A representative of LG’s information technology subsidiary, LG CNS, told Cointelegraph Blockchain-based identity systems could become the new standard for login functions.

When asked why the company is striving to develop blockchain-based identification services, LG CNS assumes that such systems will become a “main problem for blockchain” in the future. The company also suggested that “Maybe you can replace all login features. “

As Cointelegraph reported in late May, LG CNS has partnered with U.S. company Evernym to develop blockchain identity technology. The two companies want to jointly develop an international standard for digital identity for the World Wide Web Consortium.

According to the LG, the decentralized identity could replace all registration functionsAccording to the LG, the decentralized identity could replace all registration functions

Evernym, LG CNS blockchain partner in this company, received a $ 2 million investment from Overstock’s Medici Ventures venture capital arm. Evernym previously launched its Sovrin platform, which enables organizations and governments to issue, review, and manage digital credentials.

“The rules of sovereign identity are crucial”

When asked how important he thought the project was, Gabriel Kruman, chief strategy officer of blockchain company RIF said: “Sovereign identity standards are crucial.” He explained that these standards allow users to control their digital interactions and protect their privacy:

“At the moment, our data, interactions and reputation in silos are trapped by big tech companies that are having a massive impact, particularly on data breaches and personal data sales without our consent.. With identity-related technologies and standards in particular, it is very important to use open source technology so that the systems of the future are open and available to everyone. “

RIF is the company behind the protocol of the same name on which the smart contract solution Bitcoin (BTC) RSK is based. He said the company was also working on an identity solution that “gives users the ability to show verifiable claims about themselves without losing their privacy.”. As Cointelegraph reported in mid-May, the company recently launched a third-tier scalability solution.

Blockchain ID is a double-edged sword for privacy

Kruman said he hoped so The Standard “Help future generations regain the right to privacy through their digital interactions that our generation has lost in the past 15 years.”. He explained that such a standard could have major advantages for the security of personal data.

Kruman claims that The decentralized storage of personal identification reduces the likelihood of data loss. Nevertheless, it has its reservations:

On the other hand, I really don’t want this mass-surveillance tool to be used by technology companies and governments masquerading as well-meaning standards. To avoid this, you need open source technology and public blockchains. “