• Days
  • Hours
  • Mins
  • Secs
  • Mon, 21 Oct 2019, 05:24 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

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.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $8,212.69 (+1.42%)
  • Ethereum (ETH) $173.90 (-0.49%)
  • XRP (XRP) $0.292500 (-0.23%)
  • Bitcoin Cash (BCH) $231.37 (+3.63%)
  • Litecoin (LTC) $54.60 (-0.19%)
  • Bitcoin (BTC) $8,212.69 (+1.42%)
Oct 21, 2019 (Monday)
11:50
Crypto Technicals: LTC/USD halts downside at strong trendline support, breakout above 21-EMA to confirm near-term upside
11:12
Crypto Technicals: XMR/USD edges above 21-EMA, technical bias turning bullish
07:57
Crypto Technicals: BCH/USD bounces off strong trendline support, break above 21-EMA (228.68) to see bullish continuation
06:18
Crypto Technicals: ETH/USD struggles to extend gains, finds stiff resistance at 179
04:55
Crypto Technicals: BTC/USD pauses upside at 21-EMA (8326), break above to buoy Bitcoin bulls
Oct 18, 2019 (Friday)
12:51
Telegram’s claim “Grams will not be security once TON Blockchain launches” is insufficient, argues SEC
11:51
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:51
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:23
US Senator comes out in support of Facebook’s crypto, finds hostility towards Libra “puzzling”
10:38
Crypto Technicals: BCH/USD tests trendline support (209), dip till 78.6% Fib (168.35) likely
10:13
IBM, Raw Seafoods partner to digitize scallops supply chain using blockchain
08:48
India’s Reliance Industries reveals blockchain plans for Bill of Lading and Letter of Credit transactions
07:48
Crypto Technicals: Ripple (XRP) erases most of previous session's gains, retrace below cloud dents further upside
07:22
Crypto exchange Upbit operator Dunamu to launch OTC trading platform for unlisted securities
06:52
Crypto Technicals: ETH/USD fails to extend recovery, resumes weakness, 167.50 (Oct 6 low) in sight
06:22
Stablecoin initiatives highlight shortcomings in cross-border payments: G7 Working Group
06:11
Crypto Technicals: LTC/USD extends choppy trade below 21-EMA, bias bearish
05:02
Crypto Technicals: BTC/USD confined to narrow range, bias bearish below 5-DMA (8132)
04:48
Telegram calls SEC’s emergency injunction “unreasonable”, argues gram tokens are not securities
Oct 17, 2019 (Thursday)
13:38
Bermuda to develop blockchain-based national ID system with Shyft and Perseid Network
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft