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South Korean companies team up to build blockchain-based identification system

Image Via KT

Mon, 15 Jul 2019, 05:01 am UTC

A number of major South Korean companies are joining forces to build a blockchain-based identification platform, The Korea Times reported July 15.

Participating companies include Samsung Electronics, SK Telecom, KT, LG UPlus, KEB Hana Bank, Woori Bank, and KOSCOM.

The new platform will give the power to individuals to reinforce control over their identities. The objective is to establish "self-sovereign identity” (SSI) – a new form of identification which is based on “Decentralized Identifiers (DID)” to identify and prove the identity of an individual through blockchain technology.

The SSI is mostly certified by government or publicly run entities managing personal data. It will, therefore, enable individuals and organizations to affirm their identity in online transactions without the need for intermediaries.

Using the mobile system, individuals would be able to store key personal information including resident registration numbers, bank account numbers and use them whenever they need. Blockchain technology will help ensure that the data has not been tampered with.

Samsung Electronic will bring its enterprise mobile security solution, Samsung Knox, to the initiative, which will help ensure the safe and secure management of the stored data.

The consortium expects to launch the blockchain platform in 2020 and will seek to include more members including large businesses, universities, hospitals, insurers, entertainment facilities, resort, and country clubs.

They plan to roll out the system to eliminate the existing irregularities in areas such as academic records, insurance, discounts at amusement parks and movies, among others.

In a joint statement, the companies said (via online translation):

“Participants will plan a strategy to enable mobile electronic certification to be used in various industrial fields, and plan to operate it so that it will be a service that creates long-term social value."

Earlier this year, CULedger, Desert Financial Credit Union, globaliD, IBM, Irish Life, and Unveil.Social joined Sovrin Alliance, an initiative that aims to advance self-sovereign identity.

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