Major Korean Firms Partner to Launch Blockchain Mobile ID System

A consortium of major South Korean firms partnered to launch a blockchain-based mobile identification system in 2020, English-language local media Korea Times reports on July 14.

Per the report, the participants are financial services firms KEB Hana Bank, Woori Bank, KOSCOM, mobile carriers SK Telecom, KT, LG UPlus and technology behemoth Samsung Electronics. The aim of the partnership is reportedly to develop a self-sovereign identity system that does not require any intermediaries, which would enable individuals and organizations to control their identity information in online transactions.

The service aims to allow users to store personal information such as resident registration numbers, bank account numbers, and use them at will. The involved financial services firms are tasked with providing certification services, telecom companies with managing stable mobile services, and Samsung will ensure secure management of the stored data.

More precisely, Samsung will reportedly manage data with Samsung Knox, an enterprise mobile security solution pre-installed in most of its smartphones, tablets, and wearables. In 2020, the consortium intends to pursue further partners, including large businesses, universities, hospitals, insurers, entertainment facilities, resorts, and country clubs.

As Cointelegraph reported earlier this month, Japanese tech research firm Fujitsu Laboratories has developed a blockchain-based solution for evaluating user credentials, identity and trustworthiness in online transactions.

In June, news broke that Brazilian banks will be implementing a new standardized blockchain identity solution powered by the Hyperledger Fabric platform.