Samsung Joins Major Korean Companies To Develop Self-Sovereign Blockchain Mobile ID System

A group of South Korean firms is working in order to create a new ID system that is based on blockchain technology. This is why companies such as Samsung, Woori Bank or LG UPlus are working together to provide their knowledge and release a product to the market as soon as next year.

  • 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.

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Carl T
Carl T
Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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