Consortium of leading South Korean Firms aim to launch Blockchain Mobile Identification System by 2020

According to the report, a consortium of leading firms of South Korea has collaborated to launch a blockchain supported mobile identification system next year.

The objective of forging partnerships by these significant firms is to develop an identity system that will make the organizations and the individuals are able to control their identity information during the online transaction without the involvement of any intermediaries, thereby, making it self-sovereign in nature.

Moreover, the services that will be provided by the blockchain-based identification system include the storage of personal information such as the bank account numbers, numbers of resident registration, and so on.

The financial services companies that are involved are Woori Bank, KEB Hana Bank will be providing the certification services, the telecom companies KT, LG UPlus, KOSCOM, and SK Telecom will be managing the stable mobile services, and Samsung will be responsible for secure management of the data stored via the Samsung Knox.

Also, the consortium is looking forward to partner with large businesses, educational institutions, healthcare units, entertainment industries, country clubs, insurers, and resorts. Reportedly, a tech research firm Fujitsu Laboratories has created a blockchain-based smart solution that is for the evaluation of identity, credentials, and trustworthiness of users in transactions that are carried out online. As per reports, Brazilian banks are about to implement the latest blockchain-based identity solution that is powered by the platform Hyperledger Fabric.