ICONLOOP, one of the largest blockchain enterprises in South Korea, has announced the launch of ‘DPASS’, a blockchain-based self-sovereign identity authentication service.
‘DPASS’ is the acronym of Decentralized Passport, a mobile application supporting blockchain-based identity authentication and cryptocurrency wallets regardless of borders. DPASS is a self-sovereign identity authentication service, utilizing the DID (Decentralized Identifiers) protocol based on ICON’s public blockchain.
DPASS users can store private information on the DPASS application and log in various services without entering their private information repeatedly. DPASS is designed to prevent the private information users store in DPASS from being taken by a third party without permission, giving users the authority to manage their private information and data by themselves.
In addition, DPASS complies with the DID standards of W3C (World Wide Web Consortium), allowing for greater possibilities of service expansion. Enhanced security is also guaranteed as all private information including private keys for cryptocurrency wallets are stored in a decentralized manner.
On top of that, ICONLOOP aligns DPASS with ‘broof’, a blockchain-based certificate issuing service developed by ICONLOOP, enabling DPASS to store various blockchain-based certificates immune to fraud and counterfeit. And broof would not be the only case – DPASS will align with many online and offline services aiming to enhance the usability of blockchain services. ICONLOOP has been continuing conversation with ICON’s partner companies so that many DApps (Decentralized Applications) operating on the public network of ICON can also use DPASS.
“Users will be able to see how revolutionarily easy it would be when DPASS is aligned with various services and users can log in with one blockchain ID on those services.” He added, “ICONLOOP is making utmost efforts with many partners to launch blockchain-based services that can be used easily and conveniently in real life. I hope you look forward to it.”
– Jonghyup Kim, CEO of ICONLOOP
Recently, the Financial Services Commission (FSC), South Korean government’s top financial regulator, announced the inclusion of ICONLOOP’s ‘my-ID’ service into the ‘Innovative Financial Services and Regulations Sandbox’ created under the Financial Innovation Support Special Law.
‘my-ID’, a digital ID service that can be utilized for non-face-to-face verification openings of banking accounts, is expected to be configured in a ‘self-sovereign’ manner, eliminating the risk of personal information leaks.
18 different companies, including ICONLOOP and others including manufacturers, banks, stock/securities firms, insurance companies, e-commerce companies, have expressed their participation in the digital ID project, with the sandbox inclusion is expected to act as a stimulus towards adoption.