MyID by Parameta

MyID is a blockchain-based decentralized identity (DID) platform developed by Parameta (formerly ICONLOOP) that enables self-sovereign identity management. Launched in 2020, the platform implements the W3C DID standards and runs on Parameta's proprietary Loopchain blockchain technology.

The platform's technical architecture consists of several key components:

• Smart contracts for creating and managing DIDs and Verifiable Credentials (VCs)
• API layer for service integration
• Storage servers for related data management
• SDK tools for issuers and verifiers
• Personal Data Store (PDS) for encrypted credential storage
• Electronic signature functionality for credential security

MyID Alliance, a consortium of 86 organizations including major financial institutions and technology companies, was established to drive adoption. The platform has received notable regulatory approval, being designated as a Fintech Sandbox service by South Korea's Financial Services Commission and implementing the first financial DID service in Korea through Shinhan Bank. Key implementations include digital identity verification for financial services, visitor management systems, and COVID-19 vaccination status verification on Jeju Island.

The platform follows a self-sovereign identity model where users store authenticated personal data on their smartphones and selectively share required information with verifiers. All credentials are secured through blockchain-based verification and electronic signatures, while supporting interoperability through the BTP (Blockchain Transmission Protocol) for connecting private and public blockchain networks.