A blockchain ID system will be launched in South Korea by 2020.
According to a report from the Korea Times, the blockchain ID system is an initiative started by a consortium of major South Korean firms. Members of the so-called consortium include Woori Bank, SK Telecom, Uplus, LG, KT, KEB Hana Bank and Samsung Electronics.
This consortium is focused entirely on developing a self-sovereign block ID system. The system will not require intermediaries. This will enable users and companies a more reliable way to control their ID information in online transactions.
On the initial goal is to have user profiles combine a lot of details. Users will be able to store information such as bank account information, resident registration numbers and use them freely.
Financial service members from the consortium, will be tasked with providing certification services. SK Telecom and Samsung specifically, will be responsible to ensure a fast, safe and reliable management of all data stored on the system.
Everyone from the consortium has a key role to play in the development of the blockchain ID system
According to the report, data management will be done by Samsung Knox. The enterprise mobile security solution is already pre-installed in most new Samsung smartphones, tablets and wearables.
Growth is also a very key factor that is already being worked on. Until 2020, the consortium will further grow by pursuing partners in the face of other large companies, hospitals, universities, country clubs, resorts, entertainment facilities and insurers.
News for the development of the blockchain ID system comes shortly after Fujitsu Laboratories revealed that they have finished developing a blockchain solution for the evaluation of user credentials, ID and trustworthiness in online transactions.
Fujitsu’s solution will consider the user votes or ratings that are stored on the blockchain in order to give every single user a “trust score.” Users can rate each other after every transaction and the technology quickly makes use of the newly updated data to measure each user.
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