ICONLOOP introduced the DID service called my-ID back in 2019 during the 2019 Korea Blockchain Week.

The conference was held at the National Assembly Hall and managed to gather government officials and private companies that addressed a long-term road map to develop blockchain into a major national industry.

Back then, ICONLOOP’s CEO Jonghyup Kim who made the move also had a speech on the topic of “Recovering Data Sovereignty Through my-ID”.

my-ID uses DID technology, which means companies don’t have to store personal data.

This confirms that the person logging in is the same person who logged in before.

During his extremely interesting speech, he highlighted the issues of existing centrazlied identity management services and he also made sure to express his concern over the monopoly giant IT corporations had on personal info.

‘Identity 2.0’ movement

In order to solve the issue mentioned above, the ‘Identity 2.0’ movement was born. Its main aim is to build a user-centered ID system.

According to the reports coming from The Icon.ist, Kim highlighted back then the need to restore individual sovereignty through DID.

“Self-sovereign ID is highly needed and DID fits the vision of ‘Identity 2.0’,” he said.

He continued and explained that “Now that the era has come where we can manage the ownership of our own information, we should use technology such as DID to recover individual sovereignty.”

Kim concluded by predicting that DID would open a new world.

“Just like human-centered ideas represented the Renaissance period, people-centered technology is necessary in the DID era,” he said.

Kim continued and explained that “We need to use blockchain technology to create a whole new world centered on people. It’s not just adding a new authentication system into an existing business, but shifting to a new paradigm.”

ICONLOOP is boosting safety of digital financial services in the fintech era these days.

ICONLOOP is the company behind ICON, the project that has been gaining massive popularity for a while.

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