Bithumb Korea Adopts Blockchain Authentication as Part of MyID Alliance

Bithumb Korea has become the newest member of the MyID Alliance. MyID is a blockchain authentication platform that stores someone’s identification data on their personal device. The solution will then draw on that information to fulfill future authentication requests, without forcing the user to resubmit the relevant details.

The result is a faster and more convenient authentication
process. For additional security, MyID supplements its blockchain solution with
biometric authentication technology.

As a member of the Alliance, Bithumb will integrate the MyID
solution into various Bithumb products, including its virtual asset trading
platform.

“The partnership with MyID Alliance for distributed
identification allows for streamlined authentication, reinforced security, and
improved convenience for virtual asset trading,” said a Bithumb Korea
spokesperson. “Moving forward, the company will adopt innovative blockchain
and IT based solutions as it evolves into a comprehensive, digital finance
platform.”

Bithumb Korea is one of the 57 current members of the MyID Alliance. The roster also includes Samsung Electronics, Yoti, and Shinhan Bank, the latter of which is now backing a new naked payments scheme that leverages facial recognition technology. Yoti, meanwhile, previously provided digital identification services for the UK’s first blockchain-based home sale last April.

Bithumb will be joining as a Growth Partner of the MyID
Allliance.

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