Blockchain
South Korea could 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 geared toward taking away 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 will start actively “selling the issuance and use of cell driver’s licenses” on the 2022 Worldwide Safety Trade Expo, E In the present day reported.
Financial institution workers will start informing prospects on the right way to go about receiving a blockchain-powered ID. These digital playing cards could be obtained on-the-spot by utilizing machines in nationwide branches of the Nationwide Police Company and the Street Site visitors Authority.
Banks – corresponding to Woori – have additionally begun accepting smartphone-based driver’s licenses as a type of identification at branches this 12 months.
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-Basic of South Korea’s digital authorities bureau, as stating that smartphone-based ID playing cards could be the norm by 2024.
Suh informed the information outlet that the federal government hopes to roll its resolution 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 identification (DID) options (also referred to as distributed identification authentication). He referred to as the options an “superior strand of blockchain know-how.”
Suh said:
“Each service that hasn’t been in a position to totally transition on-line will now have the ability 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 12 months that residents nationwide may use cell driver’s licenses saved by itself app.
Earlier this 12 months, 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.
