A number of large Korean companies cooperate to launch a blockchain-based mobile identity recognition system

According to South Korea's local English media "Korea Times" reported on July 14, a coalition of large Korean companies plans to launch a blockchain-based mobile identity system in 2020.


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According to the report, the alliance participants include KEB Hana Bank, Woori Bank, KOSCOM, mobile operator SK Telecom, Korea Telecom (KT), LG UPlus and technology giants. Samsung Electronics. According to reports, the purpose of the collaboration is to develop an autonomous identity system that does not require any intermediary, enabling individuals and organizations to control their identity information in online transactions.

The service is designed to allow users to store and use their personal information, including resident registration numbers, bank account numbers, and more. The task of the relevant financial services company is to provide certification services, the telecommunications company is responsible for managing stable mobile services, and Samsung will ensure the secure management of stored data.

According to more accurate reports, Samsung will use the enterprise mobile security solution Samsung Knox to manage data, which is pre-installed on most of Samsung's smartphones, tablets and wearables. The consortium plans to seek more partners in 2020, including large corporations, universities, hospitals, insurance companies, entertainment facilities, resorts and country clubs.

As Cointelegraph reported earlier this month , Fujitsu Laboratories , a Japanese technology research company, developed a blockchain- based solution for assessing user credentials, identity and credibility in online transactions.

In June of this year, it was reported that Brazilian banks will adopt a new standardized blockchain identification solution supported by the Hyperledger Fabric platform.