Samsung, LG-Backed Institution Launches Mobile ID System Using Blockchain Technology
- One of South Korea’s largest consortium, launched by LG and Samsung, is partnering with a local bank, NongHyup (NH) bank, to introduce a blockchain-based identification system on the blockchain.
- This is the first-ever blockchain-enabled mobile ID system in Korea.
According to local reports from the news agency, JoongAng Ilbo, SK Telecom is partnering with NH Bank to develop a “mobile employee ID” within the NH Digital Innovation Campus in Seocho-gu in Seoul. The new decentralized identification service allows users to be responsible for their own private data preventing massive leaks of information and ramifications that go with it.
Reports from Korean Times confirm Jang Seung-Hyun, senior vice president of Nonghyup Bank, and Oh Se-Hyun, executive vice president of SK Telecom, carried out the first test of the service earlier in the month at the innovation center kicking off the service. Vice President of NH Bank, Seung-Hyun said,
“In the future, the competitiveness of digital finance will determine the bank's future. We will secure new growth engines for Nonghyup Bank based on new digital technologies such as distributed ID technology.”
So far, the employees are experiencing better control of their data as well as better efficiency in managing their entry and exit certificates on the system. Notwithstanding, the distributed mobile ID, allows the users to access the system using only their smartphones, replacing the traditional ID cards.
The dev team plans to add more functions to the system such as payment, appointments and administration purposes.
The system is created and developed by the Initial DID (Decentralized Identifier) Alliance, a consortium hosted by the Ministry of Science and ICT and the Korea Internet & Security Agency (KISA). It consists of commercial banks such as KEB Hana Bank, Woori Bank and KOSCOM with mobile including telecommunication companies including Samsung Electronics, SK Telecom, KT, and LG UPlus also in the alliance.