Stay updated with the latest news and event on RIZON
Hdac Technology Collaborates with I&TECH in Developing Blockchain-based DID SolutionSep 26th, 2019
- Jointly getting started with the development of blockchain solution for university degree verification, which is to be used in 30 national universities for test runs and ultimately to be brought into financial and medical areas.
September 26 2019, Seoul – Hdac Technology, a blockchain technology corporation established by Hyundai BS&C’s CEO, Jung Dae Sun(the Representative Officer of the Korean Branch, Ju Yong Wan, Hdac), has announced that it is starting a collaborated development project on developing blockchain-based DID(Decentralized Identity) service with I&TECH Inc.(CEO Park Dong Ki), a number one corporation in Korean certificate solution industry which has 45% of total market share.
At a launching ceremony held by both corporations at Hdac Korean branch, Toegye-ro, Seoul, two companies signed the collaboration agreements for the development of blockchain based academic degree issuing solution and agree to cooperate in expanding MyData’s business ecosystem by utilizing blockchain technology.
MyData is a service which allows users to check and manage private data such as credit information that is often dispersed in various organizations and corporations. By its own nature, MyData service deals with sensitive personal information. Hdac and I&TECH is aiming to ensure MyData’s data security and expand the business with Hdac’s blockchain technology.
The corporations are developing Self-Sovereign Identifier in collaboration, which is a blockchain service that allows users to save private information to dispersed storage and to self-manage their own personal data. Users can selectively issue or submit university degrees certificates, identity verification documents and other related certificates through an application.
All the procedure is connected to Hdac’s blockchain system to completely prevent the various problems such as forgery or falsification that can be occur in issuing and distributing personal identification data or certificates. Both corporations plan on expanding the business to financial, medical, public and educational fields to make identity verification process to be safer and easier for everyone.
Park Dong Ki, CEO of I&TECH said, “I&TECH is a number one corporation in domestic certificate issuing industry. It provides services related to unmanned certificate issuing machines, integrated certificate management system development, and digital identification service. Our service is being used by over 200 Korean schools and organizations. With more than 20 years of I&TECH’s experience and Hdac’s blockchain technology, DID solution will be used at 30 Korean university for a test run this year, and to be used at more organizations later on.”
Ju Yong Wan, the Representative Officer of Hdac Technology Korean branch said, “For data managing business like MyData, data security and integrity are essential. Through projects like blockchain-based DID solution project, Hdac will do its best in fostering busines projects that can bring blockchain technology into people’s everyday life.”
Hdac has recently signed a MOU with StrongBlock, a blockchain solution business, to develop BaaS solution as a part of its active, continuous effort on supporting blockchain industry and bringing real-use blockchain services.