Consortium launches blockchain-based digital ID in S. Korea

All Headlines 08:00 July 14, 2019

By Kim Eun-jung

SEOUL, July 14 (Yonhap) -- A group of major tech companies and financial institutions have joined hands to launch a blockchain-based digital identity platform available on smartphones to provide a trustworthy and secure solution, they said Sunday.

Samsung Electronics Co., three mobile carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- KEB Hana Bank, Woori Bank and Koscom, an IT subsidiary of the main stock exchange, signed an agreement to jointly develop a mobile application for the digital ID platform.

Current online certificates for sharing personal data and information with companies and digital platforms are vulnerable to cyberattacks and under fire for poor data management in the wake of hacking.

Decentralized blockchain networks allow individuals to maintain more direct control over their own confidential information, reducing the risk of fraud and hacking.

In the initial stage, data stored in the mobile app will be used as proof of credentials at major universities and the trading platform for unlisted shares of startups, they said.

The consortium is also pushing to have the three mobile carriers use the digital ID when hiring new employees to expand its application in real businesses, they noted.

The consortium said it plans to encourage more companies from different sectors to join the project to expand use cases, including in the hiring process, access control systems, certificates for financial services and other areas.