A South Korea consortium of financial services firms, mobile carriers, and a global tech giant have signed an agreement to launch a blockchain-based mobile identification in 2020.
According to the announcement, KEB Hana Bank, Woori Bank, KOSCOM, SK Telecom, KT, LG UPlus and Samsung Electronics have all come together to develop a technology to establish a “self-sovereign identity” that will not require government-certified intermediaries or other entities that manage personal data. By removing these middlemen, they aim to give people complete control of their identity in online transactions.
The mobile system will aim to allow users to store private information such as resident registration numbers (ID numbers) and bank account numbers, ready to be used whenever necessary. The consortium believes that through blockchain technology they can remove the risk of fraud due to the technology’s resistance to data modification. Furthermore, they believe that blockchain is efficient, verifiable and an excellent method of permanently keeping records of transactions between parties and provides accountability.
All parties involved have been chosen due to their expertise and will contribute their services to the project. Financial services firms KEB Hana Bank, Woori Bank, KOSCOM are tasked with providing certification services whilst telecom companies SK Telecom, KT, LG UPlus with managing stable mobile services. Electronics giant Samsung will be tasked with ensuring the secure management of the stored data.
By 2020 the consortium plans to seek more partners including large businesses, universities, hospitals, insurers, entertainment facilities, resort, and country clubs. Once this initial adding of companies is complete the consortium plans to broaden the service to remove “hiring irregularities via the certification of academic records and diplomas, insurance fraud via the certification of treatment and compensation records as well as automatic discounts at amusement parks and movies.”
Sources: Koreatime.co.kr, cointelegraph.com