Korea Financial Telecommunications and Clearings (KFTC) announced Tuesday that it had completed the development of the decentralized identity (ID).

It said it has been testing the decentralized ID. It said financial institutions would adopt the new ID system on a step by step basis.

It unveiled the plan at the DID Alliance Korea 2019 conference in Seoul Tuesday.

KFTC said its test-operation would review whether its new ID system would be compatible with the global standards.

As early as this month, the new ID system is to be available to financial companies. However, it said its test-run would continue until October next year.

Twenty-six Korean financial firms offered to use the new ID system.

Decentralized identity is run through blockchain. It changes the way people share, access, and control their personal information. It gives people power back over their identity.