Blockchain-based decentralized identification authentication providers (DID) might probably change public certificates which are used for monetary providers, which may embody these for cell banking. This explicit use case was just lately commercialized for the very first time by South Korea’s Shinhan Bank.
As talked about in a latest replace:
“The era of ‘self-ownership of data’ has begun, in which people store and manage their own identification information directly on their own phone.”
Shinhan Bank, which is one in every of South Korea’s largest monetary establishments, famous on September three that they’ve begun conducting actual title authentication by way of their cell banking app, referred to as ‘SOL’. The ID verification course of is carried out by way of ICONLOOP’s MyID-based DID service, generally known as ‘Zzeung,’ which was launched final month.
DID (Decentralized Id) permits particular person customers to show their identities by retrieving saved identification info from their smartphones. This info may be submitted instantly by the person when it’s required, as a substitute of it being saved with third-parties or companies.
To start utilizing the Shinhan Bank DID service, clients have to put in the DID app (ZZeung) after which set a password. After finishing this step, they will start utilizing the Zzeung app so as to difficulty an identification certificates that may be used at Shinhan Bank. However the issuer of the certificates is the bank itself, and the certificates is definitely issued by shifting to Shinhan Bank’s cell banking net app.
Clients should full related verification steps by means of their cell phones, and in addition replace their ID playing cards and Shinhan Bank accounts, earlier than they’re issued a DID identification certificates.
After the certificates is issued, it may be saved within the Zzeung app and may then be used for authentication, which may be carried out the following time by offering a 6-digit password or utilizing fingerprint recognition.
The Zzeung app works similar to a digital pockets platform that may additionally retailer issued ID certificates. If there are different service suppliers moreover Shinhan Bank that need to difficulty certificates, then they may even be managed from one place.
There’s no noticeable change from the end-user’s standpoint when utilizing this new DID platform, as a result of they’d already been utilizing related interfaces the place they have been additionally required to enter easy passwords and carry out biometric authentication when accessing their cell banking apps.
Jang Hyun Ki, head of Shinhan Bank’s digital R&D Middle, acknowledged:
“Because this is the first time DID is applied, we are only using it for some services at first. We are considering gradually expanding the use of DID and using it to log in to the banking app.”
“Although ordinary users might not be able to feel a big difference, the architectural view that is implemented is completely different. It can be said that DID opens the era of self-sovereignty of personal authentication information like MyID.”
An ICONLOOP consultant remarked:
“At the moment, Shinhan Bank was the first to start the DID service, but as the number of issuing agencies increases, it will be more convenient because you can store your authentication information in one app and use it in multiple places.”