Several major Korean companies will cooperate to launch blockchain mobile identification system in 2020

According to industry sources, a consortium of major Korean companies will jointly launch a blockchain-based mobile identification system in 2020, with participants including KEB Hana Bank, Woori Bank, KOSCOM, SK Telecom, KT, LG UPlus and Samsung Electronics. . The partnership will focus on establishing a self-sovereign identity system that does not require any intermediaries and will enable individuals and organizations to control their identity information in online transactions. In addition, the mobile identification system allows the user to store personal information such as a resident registration number and a bank account number. The financial services companies involved provide certification services, and the telecommunications companies are responsible for managing stable mobile services. Samsung will ensure the secure management of stored data.