A number of large South Korean companies have started working together to launch a mobile identification system in 2020. This will be based on the blockchain technique to eliminate the intervention of intermediaries.
Various large companies work together to make this system possible. These names include Samsung, SK Telecom, KT, KEB Hana Bank, Woori Bank and more.
After the launch, the parties want to hire more (business) partners. This includes country clubs, universities, hospitals, insurers, resorts and more.
Purpose of cooperation
Through the collaboration, the parties involved want to build an identity system where no intermediaries are required. This allows individuals and organizations to check their identity information in online transactions.
Save sensitive data
The new service allows users to store their personal information, including sensitive data such as registration numbers and bank account numbers. Then they get full control over this data. This means that not just anyone can access the data.
By developing this system, South Korean companies are competing with the Japanese technology research firm Fujitsu Labatories. They have developed a similar system for evaluating user references, identities and reliability in online transactions.