SymVerse acquires patent for distributed ID
On May 21, 2020, WiseMGlobal, a developer of the blockchain mainnet platform SymVerse, announced that it has acquired DID-related patents as of May 14th.
This is related to a system and method for issuing, managing, and utilizing digital ID cards using a distributed ledger, which can secure faster speed, less storage space, and higher reliability and transparency than existing ID management systems.
As a result, SymVerse believes that the world’s first multiple blockchain patents and ultra-fast consensus process (SymSensus) patents, followed by patents for distributed IDs (DIDs), have been established as a triangular bridge in terms of technology.
Inventor Lee Sang-Hyun, the director of the patent, said “The greatest advantage of the blockchain will be trust through DID. The DID will be used not only for humans, but also as an authentication tool for all values of the world, including animals, plants, and logistics. It is the trend that the world is moving toward such digital identity authentication. It is expected that DID will make it easier and more faithful to fill the vacant place where public authentication has been inconvenient, as well as being a new alternative to losing the private key that was difficult. Throughout these efforts, SymVerse and WiseMGlobal’s business profits will be maximized.”
SymVerse currently plays a pivotal role in the DID Forum, where more than 50 domestic blockchain companies are gathered, and CEO Choi Soo-hyuk is chairman of the Korea Blockchain Startup Association with 250 companies.
Korea news link