The Crypto Times
Image default
Government News

South Korean Consortium to Introduce Blockchain-Based Mobile Identification System

Several big South Korean companies have collaborated to develop a blockchain-based mobile ID system that’s set to be launched in 2020. 

Tech Giants and Financial Service Companies

According to the Korea Times, a local media site, a consortium comprised of tech giant Samsung Electronics, LG UPlus, mobile carriers KT and SK Telecom, and financial service companies KEB Hana Bank, KOSCOM, and Woori Bank have partnered up to create an independent Identification system that doesn’t need a go-between. The system will allow organizations and individuals to control their personal data in online transactions. 

The ID system service aspired to let users to store personal data like bank account numbers and resident registration details and use them as they want. 

The participating finance companies are responsible for supplying certification services, the telecom firms will handle the management of secure mobile services, and Samsung will make sure the stored data is managed securely. 

Samsung to Maintain The Data

Samsung will allegedly maintain the data with the help of Samsung Knox, an enterprise security key that’s pre-installed in the majority of the company’s smart devices. 

The consortium plans to integrate more partners in 2020. The group wants to include other major businesses, country clubs, entertainment facilities, hospitals, insurance providers, resorts, and universities.  

The group’s plans are not very different from solutions other developers are coming out with. It was reported early in June that Japanese tech company Fujitsu Laboratories has designed a blockchain-powered solution for assessing user identity and trustworthiness based on their online transactions.  

There have also been reports that Brazilian banks are set to implement a new regulated blockchain-based identity solution driven by the Hyperledger Fabric system. 

Related posts

Audit Firm Ernst & Young Introduces Blockchain-Based Solution for Wine Tracking Platform

Viena Abdon

Germany’s Finance Watchdog Alerts Consumers about CoinBene Recruitment Drive

Viena Abdon

Microsoft Unveils Blockchain-Backed Manager App

Sierra Sanders

Grayscale Investments Report Majority of First Quarter Investments were Placed in Bitcoin Trust

Viena Abdon

Google and PayPal Exec Set to Join Digital Platform Bakkt

Viena Abdon

Blockchain Startup Propy to Change the Real Estate Investing Game

Miles