South Korean companies have allied for broader use of decentralized identity (DI).

Google says DI is a new way to provide ownership of personal data. According to Microsoft, everyone has the right to own their digital identity—one that securely and privately stores all personal data.

The alliance, called Decentralized Identity Alliance Korea, kicked off its business in southern Seoul Wednesday.

SKT, LGT, KT, and other major companies joined in the alliance.

The alliance would enlist banks, the other financial companies, and major consumer firms as members. By October, the alliance would unveil the list of members, a spokesman for the alliance said.

Once the blockchain-based DI is in broader use, companies have no reason to retain personal data of customers. Companies can only ask customers to provide their DI when they start a business.

From the companies’ perspective, they may be free from financial damage due to the leaking and hacking of consumer data. For consumers, they can manage their private information all by themselves.