Former Deputy Prime Minister and Finance Minister Lee Hun-jae has become the chairman of the advisory committee to the my-ID Alliance.

Blockchain enterprise Iconloop has launched the my-ID Alliance. It seeks to commercialize the decentralized identity service in South Korea.

Twenty-seven Korean banks, securities companies, e-commerce firms, and manufacturing companies have joined the alliance. However, the alliance has yet to get confirmation and endorsement from the government.

On Nov.5, my-ID Alliance would take off, and the alliance would start the commercial service of my ID program sometime in the second half of next year.