Major Korean Firms Collaborate For Blockchain-Based Mobile ID System

by | Jul 15, 2019 | Blockchain, Cryptocurrency, Cryptocurrency News

Korea | Mobile ID | Blockchain | collboration

A consortium of major South Korean firms have joined hands to launch a blockchain-based mobile identification system in 2020, English-language local media Korea Times reports on July 14.

As per the report, the participant firms include financial services firms KEB Hana Bank, KOSCOM, Woori Bank, mobile carriers SK Telecom, LG UPlus, KT, and technology behemoth Samsung Electronics. The partnership is aimed at developing a self-sovereign identity system that can eliminate any intermediaries, enabling individuals and organizations to control their identity information in online transactions.

With this service , userd could store personal information such as resident registration numbers, bank account numbers, and use them at will. The particpating financial service firms are tasked to provide certification services, telecom companies with managing stable mobile services, and Samsung will ensure secure management of the stored data.

Reportedly, Samsung will manage data with Samsung Knox, an enterprise mobile security solution pre-installed in most of its smartphones, tablets, and wearables. The consortium intends to pursue further partners, including large businesses, hospitals, universities, entertainment facilities, insurers, resorts, and country clubs in 2020. 

Fujitsu Laboratories, a Japanese tech research firm announced earlier this month that it has developed a blockchain-based solution for evaluating user credentials, identity and trustworthiness in online transactions. Brazilian banks implemented in June that a new standardized blockchain identity solution powered by the Hyperledger Fabric platform.

Read more: Hacked Exchange, Bitpoint Discovers $2.3 M In Stolen Cryptocurrency

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