Blockchain-Based Identification Platform Planned By Major South Korean Companies

Blockchain, News | July 15, 2019 By:

Eight major South Korean companies have joined forces to lauch an identification platform based on blockchain technology.

The Korea Times reported Samsung Electronics, SK Telecom, KT, LG UPlus, KEB Hana Bank, Woori Bank, and KOSCOM will be working together to develop a solution using blockchain to help establish a self-sovereign identity (SSI), a lifetime portable identity for any person, organization, or thing. The solution will reportedly allow an individual to store key personal information, including resident registration numbers, bank account numbers, and use them whenever the need arises.

“The project will create the strongest possible synergy effect as the participants are top leaders in their respective fields,” the companies said in a statement. “Financial services firms have provided the safest, most secure certification services thus far, telecom companies have extensive experience in managing stable mobile services with ample potential to embrace blockchain tech.”

According to the report, the solution will utilize Samsung’s enterprise mobile security solution, called Samsung Knox, to help ensure the safe and secure management of the stored data.

“Cooperation among ICT, telecom and financial services will help people experience new and advanced services,” the companies said.

The blockchain platform is expected to be launched in 2020 with the goal of eliminating the existing irregularities in areas such as academic records, insurance, discounts at amusement parks and movies, among others. The companies will also seek to include more members, including large businesses, universities, hospitals, insurers, entertainment facilities, resort, and country clubs.