Koreans will have access to blockchain-powered digital IDs by 2024
Under the plan, the blockchain-powered ID would be fully decentralized, meaning the government won't be able to see how or when the 'ID is in use.
New
South Koreans may soon allow their citizens to use blockchain-based digital identification (ID) instead of physical cards as early as 2024, as the country further adopts blockchain technology.
According to an October 17 report from Bloomberg, a government plan calls for digital IDs to be integrated as an app into mobile devices in the future, working the same way as physical registration cards for people. residents.
Digital IDs are expected to launch in 2024, with approximately 45 million citizens expected to adopt the technology within two years.
An economist from the Korea Institute of Science and Technology Policy, Hwang Seogwon, said digital IDs could be used in finance, health, tax and transportation, while the chief executive of Korea's Digital Government Office, Suh Bo Ram, said the technology could help businesses that haven't yet made the transition fully online.
The plan would also see the government adopt a decentralized identity system, which means that the government will not have access to information stored on phones, including the digital ID used, how it is used and where, according to Suh.
This technology is not new to the tech-savvy nation, which ranks first among all nations in the application of technology to life, business and government, according to the Portulans Institute, an American think tank.
It also wouldn't be the first blockchain-based digital ID solution implemented in the country.
As of August 2020, more than one million South Koreans have implemented a blockchain-based driver's license...
Under the plan, the blockchain-powered ID would be fully decentralized, meaning the government won't be able to see how or when the 'ID is in use.
New
South Koreans may soon allow their citizens to use blockchain-based digital identification (ID) instead of physical cards as early as 2024, as the country further adopts blockchain technology.
According to an October 17 report from Bloomberg, a government plan calls for digital IDs to be integrated as an app into mobile devices in the future, working the same way as physical registration cards for people. residents.
Digital IDs are expected to launch in 2024, with approximately 45 million citizens expected to adopt the technology within two years.
An economist from the Korea Institute of Science and Technology Policy, Hwang Seogwon, said digital IDs could be used in finance, health, tax and transportation, while the chief executive of Korea's Digital Government Office, Suh Bo Ram, said the technology could help businesses that haven't yet made the transition fully online.
The plan would also see the government adopt a decentralized identity system, which means that the government will not have access to information stored on phones, including the digital ID used, how it is used and where, according to Suh.
This technology is not new to the tech-savvy nation, which ranks first among all nations in the application of technology to life, business and government, according to the Portulans Institute, an American think tank.
It also wouldn't be the first blockchain-based digital ID solution implemented in the country.
As of August 2020, more than one million South Koreans have implemented a blockchain-based driver's license...
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