Blockchain
South Korea might quickly get rid of plastic – and ditch bodily types of ID in favor of blockchain technology-powered options.
Smartphone possession is estimated to be upward of 88% in South Korea – with some sources claiming the determine could also be as excessive as 95%. And tech corporations, the federal government, the police drive, and banks have responded by launching initiatives aimed toward disposing of plastic driver’s license playing cards and social safety ID playing cards. As an alternative, they now favor blockchain-powered digital options.
Woori Financial institution, one of many nation’s largest industrial banks, introduced that it might start actively “selling the issuance and use of cell driver’s licenses” on the 2022 Worldwide Safety Trade Expo, E At present reported.
Financial institution employees will start informing clients on methods to go about receiving a blockchain-powered ID. These digital playing cards might be obtained on-the-spot through the use of machines in nationwide branches of the Nationwide Police Company and the Highway Visitors Authority.
Banks – comparable to Woori – have additionally begun accepting smartphone-based driver’s licenses as a type of identification at branches this yr.
Blockchain ID Push Intensifies
The transfer comes scorching on the heels of a report from Bloomberg this week, which quoted Suh Bo-ram, the Director-Common of South Korea’s digital authorities bureau, as stating that smartphone-based ID playing cards can be the norm by 2024.
Suh informed the information outlet that the federal government hopes to roll its answer out in 2024. Seoul hopes to transition 45 million of its 52 million residents onto the playing cards by 2026.
Suh additionally confirmed that the answer will make use of decentralized id (DID) options (often known as distributed id authentication). He known as the options an “superior strand of blockchain know-how.”
Suh acknowledged:
“Each service that hasn’t been capable of absolutely transition on-line will now give you the option to take action.”
DID options have been within the pipelines for a number of years in South Korea. Each the personal sector and the federal government are eager to develop contact-free, on-line ID options that make use of blockchain know-how. Tech giants like Samsung and LG have entered the fray, with some predicting a coming “struggle” of rival blockchain-powered ID choices.
Following a profitable launch in 2020, the Ministry of Public Administration and Safety introduced in July this yr that residents nationwide might use cell driver’s licenses saved by itself app.
Earlier this yr, two of Woori’s rivals, Kookmin Financial institution and IBK Industrial Financial institution, introduced that they’d use DID providers to permit navy personnel on-line entry to banking merchandise. The answer will permit troopers to show their identities with out the necessity to go to bricks-and-mortar branches.
