A representative of LG’s information technology subsidiary, LG CNS, told Cointelegraph that blockchain-based identity systems could become the new standard for login functions.
When asked about why the firm is pursuing the development of blockchain-based ID services, LG CNS said that it expects such systems to become “a hot topic for blockchain in the future.” The company also suggested that “maybe all login functions can be replaced.”
As Cointelegraph reported at the end of May, LG CNS partnered with U.S. firm Evernym to develop blockchain identity technology. The two firms aim to jointly develop an international digital identity standard for the World Wide Web Consortium.
Evernym, LG CNS’ blockchain partner in this enterprise, scored a $2 million investment from Overstock’s venture capital arm, Medici Ventures. Evernym previously launched its Sovrin platform, which enables organizations and governments to issue, verify, and manage digital credentials.
“Self-sovereign identity standards are crucial”
When asked about how important he believes the project to be, Gabriel Kruman — head of strategy at blockchain firm RIF — said that “self sovereign identity standards are crucial.” He explained that those standards allow users to control their digital interactions and protect their privacy:
“Right now, our data, interactions, and reputation are trapped in silos by Big Tech companies which carry massive implications, particularly resulting in data leaks and the sale of personal data without our consent. Especially in identity-related technologies and standards it is very important to use open source technology so the systems of the future are open and available to everyone.”
RIF is the firm behind the homonymous protocol that Bitcoin (BTC) smart contract solution RSK is based on. He explained that the company is 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 firm recently launched a third-layer scalability solution.
Blockchain ID is a double-edged sword for privacy
Kruman said he hopes the standard “will help future generations to recover the right to privacy over their digital interactions that our generation lost in the past 15 years.” He explained that such a standard could have great benefits for the security of personal data.
Kruman claims that the decentralized storage of personal ID lowers the probability of data leaks. Still, he has his reservations:
“On the other hand, I wouldn’t really like to see this tool used for mass surveillance by tech companies and governments disguised by well-intentioned standards. For that to be avoided, open-source technology is needed as well as public blockchains.”