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Major Korean Banks Join Government-Backed Blockchain ID Initiative

Four Major South Korean institutions including the Shinhan and NH Nonghyup banks have joined a South Korean decentralized identity initiative for blockchain-based digital identity.

Major Players in the Initiative

It’s a government-backed initiative that aims to secure and share personal data using blockchain technology. Major banks that are included:

Two major payment processors are also included:

Bringing the total number of participants to 11. The consortium now includes:

With Korea’s three major mobile carriers –

  1. Koscom, an IT company 76.6 percent owned by the Korea Exchange.

Government-Backed Blockchain Identification System

The project is backed by the Ministry of Science and ICT and the Korea Security Agency (KISA). It is planning to develop a mobile product that will allow for secure storage of personal identity information with blockchain.

Users will be able to prove their identities for online transactions as well as validating qualifications or credentials.

Initial will use certificates from six Korean universities as well as test scores for English. The plan will be later expanded to submission of loan application documents, income tax withholding as well as loan certificates.

According to reports, the system will be ready by 2020.

South Korea Towards Digital ID

Competition has increased in the blockchain digital identification space. The Seoul Metropolitan Government will use Iconloop’s blockchain platform to issue mobile letters of appointment to its Blockchain Governance Team.

South Korea is also launching a plan in developing a blockchain-based digital driver’s license in collaboration with the country’s three leading mobile carriers. The initiative has been approved by South Korea’s Ministry of Science and ICT and law enforcement.

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