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Blockchain technology has been around for quite some time now. While developed countries and multinational corporations are currently exploring and developing blockchain-based applications, the financial technology (FinTech) application has been at the forefront of blockchain adoption. Besides, other industries have also realized that blockchain technology could bring a revolution to their respective work areas. In recent years, driven by various governments, open banking has already been the primary driving force of fintech evolution. However, open banking investors have faced issues with identity verification security and the safety of information exchange. The existing technology alone cannot secure the private information of users. Therefore, different industries have started paying more attention to blockchain-based decentralized identification, which could solve issues with modern ways of information security.