Two Korean banks join the development of a blockchain identification system

Two large Korean banks – Shinhan and NH Nonghyup – joined the government initiative to launch a blockchain system for identifying South Korean citizens.

An initiative called Initial DID Association was launched this summer. After the merger of Shinhan and NH Nonghyup banks, as well as BC Card and Hyundai Card payment operators, the number of program participants increased to 11. In addition to these companies, the association also includes Samsung Electronics, KEB Hana Bank, Woori Bank and the three largest telecom operators in South Korea – SK Telecom , KT and LG U +.

The project is supported by the Ministry of Science and Information Technology of South Korea, as well as the country’s Internet Security Agency. The aim of the initiative is to develop a mobile application for the secure storage of personal information using blockchain technology. Users of the system will be able to confirm their identity for online transactions, as well as to confirm their qualifications, or personal data.

The system is also expected to be used for graduation at six Korean universities. In addition, the results of tests for knowledge of the English language will also be tied to the user’s card. Then, information about loans and tax payments will get into the blockchain system. The launch of the platform should take place next year.

Recall that recently Bermuda announced
about the beginning of the development of a national blockchain-based digital citizenship identification system. The system is called Perseid e-ID.