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.

Julia-roberts-2639315_960_720

Image source: pixabay

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.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Policy

The Shocking Revelation: When Alameda Research Borrowed More Than Just a Cup of Sugar from FTX

Exclusive Leaked Audio from Alameda Research Meeting Exposes Caroline Ellison's Disclosure of Misuse of FTX Deposits ...

Blockchain

A brief history of crypto exchanges: a glimpse into the evolution of the most powerful organization in the blockchain industry

Written by: Nathaniel Whittemore & Clay Collins Compilation: Lu Jiangfei Source: ChainNews ChainNews I. Preface T...

Blockchain

Intercontinental Exchange CEO: The bear market will boost the implementation of the Bakkt Bitcoin futures program

According to Coindesk's May 3 report, an executive at Bakkt's parent company on the Bitcoin Futures Exchang...

Policy

FTX Hacker Strikes Again - This Time with Style!

The 72,000 ETH stolen from FTX last year has resurfaced for the first time since the hack, as transactions have emerg...

Blockchain

Is the 'big boss' of the cryptocurrency world, Binance, starting to decline?

LianGuaiBitpushNews Mary Liu As 2022 comes to a close, it seems that Zhao Changpeng, co-founder and CEO of Binance, ...

Blockchain

OK Jumpstart and then the exchange "new hot" rules are too complicated for users to "do not understand"?

This afternoon, the digital asset exchange OKEx officially announced the sales rules of OK Jumpstart. The rule shows ...