- South Korean companies are working on a new ID system based on blockchain technology
- Some of the firms working on it include Samsing, Woori Bank or KEB Hana Bank, among others
South Korean firms are working together in order to launch a new blockchain identification system to be released in 2020. The information was released by the Korea Times on July 14. The intention is to create a new ID system that would require no intermediaries.
South Korean Firms Work Together On A Blockchain ID System
According to the report, there are several companies working in South Korea on a new blockchain ID system that is expected not to depend on intermediaries and that would allow organizations to control their ID information when making online transactions.
Some of the firms involved in this development include KEB Hana Bank, Woori Bank, KOSCOM, SK Telecom, KT, LG UPlus and Samsung.
With this new service, users will be able to store personal information and use it when they request it. These firms will be providing certification services, managing stable mobile services and store the data. Each of these companies will have a different task depending on their area of specialization.
Samsung, for example, is going to be managing data with the Samsung Knox security solution that is already pre-installed in most of the devices that it sells to the market. These firms are also going to search for new partnerships and include larger businesses such as hospitals, universities, and many others.
There are several companies working with blockchain technology that want to innovate in many different sectors and industries. A blockchain ID system is also requested by many firms and individuals around the world.