South Korea’s SK Telecom, Germany’s Deutsche Telekom Partner On Blockchain IDbr>
SK Telecom, South Korea’s largest wireless carrier, and German telecommunications company Deutsche Telekom have joined forces to develop a blockchain ID that will be designed to ease authentication processes.
The two telecom operators, which will sign an memorandum of understanding at the upcoming Mobile World Congress (MWC), is planning to create a mobile digital ID based on blockchain technology that can be used for authentication, entry control, transactions, and contracts.
“The platform will be capable of storing all IDs in one place to provide convenient and secure authentication for e-commerce, transactions and public sectors,” the companies said. “It will also allow users to manage their personal information on their own, protecting them from security breaches and identity theft.”
The telcos added that travellers from South Korea to Germany and vice versa will be able to use the blockchain ID when it launches later this year.
Last year, SK Planet, a subsidiary of SK Telecom, partnered with the blockchain firm ICON to transform the digital marketing framework for South Korea’s existing brands and enhance customer experience in both online and offline areas.