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.


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!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Cardano's ADA price is dropping towards $0.52. Is it time to buy the dip?

The value of Cardano (ADA) may decrease below $0.52 according to short-term forecasts, however long-term optimists re...


Cardano (ADA) Breaks Out: Is a New All-Time High on the Horizon? 🚀

Cardano (ADA) has made a notable price breakthrough, surging to $0.710 for the first time since May 2022 on Thursday....


Evolution of demand, yield, and products in the ETH Staking market after Shanghai upgrade

Currently, we are still in the dividend period of ETH Staking, so it is advisable for ETH holders to participate in S...


Cardano’s Price: Falling Like a Tripped Bull

ADA's value drops as traders take profit amid steep rise and in anticipation of Federal Reserve's rate decision.


Cardano (ADA): The Evolution of a Potential Ethereum Killer

Cardano is a cutting-edge decentralized platform powered by a proof-of-stake blockchain, offering robust support for ...


Interpreting the Performance of 14 L1 Public Chains in Q1: Stacks Emerges as Dark Horse, Network Usage Rate Generally Decreases

After the running-in period, various public chains have entered the "internal competition" stage.