Four South Korean Banks Join Blockchain ID Project Supported By the Government

A total of four major financial institutions based in South Korea have recently announced that they would join the new decentralized ID project created by the local government. The goal of the new project is to let people from the country secure and share their information by using the blockchain technology. The program was first started back in July and it is called Initial DID Association.

The banks that entered the initiative include NH Nonghyup, Shinhan Bank, and the payment processors Hyundai Card and BC Card. Other companies that are a part of the consortium include the Woori Bank, SK Telecom, LG U+, Samsung Electronics, KEB Hana Bank, Koscom and KT.

This project was originally created by the Ministry of Science of the country and the Korea Internet and Security Agency. Some months ago, the two entities created a decentralized system that would allow Korean citizens to prove their identities online, so they started the framework for the project.

According to the government, the project will be used in certifications for six universities in the country and for English test scores at first. As the project progresses, it will also be used for loans, income tax filings, etc.

The new system is expected to be up and running sometime by 2020. During this time, other payment settlement and ID solutions may be launched. The Korea Financial Telecommunications and Clearings Institute, for instance, is already devising its own ID solution.

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