Samsung Electronics and six other companies in South Korea to develop a blockchain network dedicated to certificate authentication and digital identity.
The other founding companies include SK Telecom, LG Yuplus and KT mobile operators, two banks – KEB Han and Wooriand – and Koscom infrastructure service provider.
The service will provide a “self-sovereign” authentication solution that removes intermediaries and will allow users to verify their identity or qualifications through the blockchain. In addition, the system allows users to retain more control over their own personal information. They can store their data on a smart device and can only send some details when certification is required.
Applications in multiple domains
According to the project presentation, the new blockchain ID will be used to issue and distribute the diplomas from the Universities of Korea. The three mobile operators consider using the recruitment system.
The beta version of the system is scheduled to be released by the end of the year. Depending on its effectiveness, the consortium considers its marketing.
Potential uses of blockchain ID include digital signatures, user authentication for the telecom and banking industry, medical and insurance systems.
One of the consortium members said:
“The participating companies intend to establish a strategy so that mobile electronic certification can be used in various industrial fields. The developed system wants to become a service that creates long-term social value. “