Financial Security Agency's Decentralized ID Identity Management Adopted as ICT Industry Standard

[Asia Economy Reporter Park Sun-mi] The Financial Security Institute announced on the 14th that its self-developed 'Decentralized ID-based Identity Management Framework' has been adopted as an information and communication organization standard.

Decentralized ID is an identity verification system that enhances personal information protection by allowing information subjects to manage and control their identity information online. Currently, in the market, multiple decentralized ID private operators in the form of consortia are developing and introducing services aligned with the government's online identity verification activation policy.

The Financial Security Institute's 'Decentralized ID Identity Management Framework' standard consists of ▲framework composition and model, ▲identity verification and interoperability methods, and ▲information protection requirements.

With the Decentralized ID Identity Management Framework becoming an organization standard, interoperability among decentralized ID services in various fields such as finance and telecommunications will be enhanced, and new authentication infrastructure using decentralized ID can be expanded.

Kim Young-ki, President of the Financial Security Institute, stated, “With the expansion of the digital economy, the use of non-face-to-face authentication (identity verification) services such as decentralized ID is expected to continuously increase,” adding, “The Financial Security Institute plans to support the establishment of infrastructure such as standardization and security so that decentralized ID can be widely used as a credible authentication method not only in the financial industry but also in various industries.”

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