Large South Korean companies will launch a blockchain user identification system

Several large South Korean companies have teamed up to create a mobile blockchain-based identification system. The launch of the system is scheduled for 2020.

The consortium includes KEB Hana Bank, Woori Bank and KOSCOM, cellular operators SK Telecom, KT and LG UPlus, as well as the largest South Korean conglomerate Samsung Electronics. After the launch of the identification system, it is expected that new companies, universities, hospitals and other organizations will join the consortium.

One of the main advantages of the new system will be that it will work without intermediaries. The system will allow individuals and organizations to control their identity information for online transactions, as well as to store various personal information, such as citizen registration numbers or bank account numbers.

Financial companies in the consortium will be responsible for certification, and mobile operators for providing stable communication services. Samsung will provide secure storage management with Samsung Knox Enterprise Security Solution, which is installed on most modern Samsung devices.

Recall that at the beginning of the month, Fujitsu Laboratories presented a “digital identity sharing technology” aimed at improving the security of online transactions.