MyInfo

MyInfo is a blockchain-based decentralized identity (DID) solution developed jointly by the Korea Financial Telecommunications and Clearings Institute (KFTC) and Raon White Hat. Launched in August 2021, the system enables users to create and manage digital identities through participating banks while maintaining control over their personal information.

The platform implements several key technical features:

• Compliance with W3C Verifiable Credentials Data Model standards
• Blockchain-based storage of verifiable credential issuance information and DIDs
• Biometric authentication support including facial recognition
• Mobile wallet functionality for storing personal information like:
  • Phone numbers
  • Addresses
  • Email addresses
  • Identity credentials

Notable adoption includes integration with 16 major Korean banks including:

• Shinhan Bank
• Woori Bank
• NH Nonghyup Bank
• Industrial Bank of Korea
• Standard Chartered Korea

The system allows users to securely store their digital identity on their smartphone and selectively share verified credentials with participating institutions. While the solution stores credential issuance information on a blockchain for verification, some privacy concerns have been raised about the potential to build extensive digital trails through stored DIDs. The project represents a significant step in Korea's digital identity infrastructure development, though careful consideration of privacy implications remains important.