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[Wise Crypto Life] 07. DID

[Wise Crypto Life] 07. DID

DID, the all-purpose wallet


Blockchain technology and DID

These days the use of blockchain technology, while still in its infancy, continues to show signs of expansion. In particular, the government is moving to support and actively utilize blockchain technology which supports the total of 53.1 billion won that will be invested in the blockchain business this year.

Among them, the most representative application is the DID field. DID stands for ‘Decentralized Identifiers’. It is a technology that utilizes blockchain to distribute and store sensitive information and allow individuals, not external administrators, to manage their own information.

Storing sensitive information such as ID cards, certificates or contracts can result in an increased risk of theft, loss, and sometimes, embarrassment if left at home. However, if the same information is stored and managed in a digital form using DID, not only will it convenience the users, but it will also help lower the costs of issuance. In addition, it is free from hacks and leaks since verification will be available with blockchain technology.

Government’s Use of DID

Recently, the government is rapidly trying to introduce DID in various fields. DID is most useful in administrative tasks such as verifying identities and certificates or issuing important documents. The most recent topic is the ‘Vaccination Certification App’- an application incorporating blockchain technology makes it easy to certify whether or not one is vaccinated from COVID-19.

Since early this year, mobile civil service certificates have been issued for some civil servants, and work has been underway to use the DID service to issue certificates related to military service members and services.

DID Approaching Everyday Life

In the private sector, more and more companies are providing various services using DID. Naver provides a service that allows users to check electronic documents such as certificates issued by the Human Resources Development Service of Korea and Korean Chamber of Commerce and Industry, as well as access to information issued by the National Health Insurance Service.

SK Telecom also incorporates a service that eases the process of applying or terminating a telecommunication service by providing an electronic wallet that directly delivers official verification documents from the Ministry of the Interior and Safety to its customer service center.

Some companies have even incorporated DID technology into their employee ID cards.

The government along with the private sectors are planning to utilize DID in various fields. Thanks to this, in the not-too-distant future, the hassles of going to the community center for document issuances and searching for print shops may disappear completely.

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