A significant blockchain identification venture backed by South Korean tech big Samsung is being rolled out for first industrial use.South Korea’s
A significant blockchain identification venture backed by South Korean tech big Samsung is being rolled out for first industrial use.
South Korea’s NongHyup (NH) Financial institution has launched a blockchain-based cellular ID system developed inside a tech consortium established by main native corporations together with Samsung Electronics and LG Uplus.
In keeping with a Feb. 25 report by South Korea’s information company JoongAng Ilbo, NH Financial institution is collectively implementing the brand new ID system with South Korea’s largest wi-fi service, SK Telecom.
NH Financial institution held a blockchain ID card demo with 20 executives
In keeping with native reports, NH Financial institution president and CEO Lee Dae-hoon held a demo of the cellular worker ID card with 20 executives and workers at NH Digital Innovation Campus in Seoul.
Primarily based on blockchain know-how, the brand new cellular ID system is designed to offer higher management of workers’s private data and defend their private information whereas enabling useful authentication by way of a smartphone as an alternative of a standard ID card. On the launch, the blockchain-based ID service will reportedly be used for commuting and managing entry to entry into places of work. In future, the cellular ID card is deliberate to be expanded to facilitate establishing appointments and funds for companies.
Preliminary DID Affiliation is hosted by Korean Ministry of Science and ICT
In keeping with JoongAng Ilbo, NH Financial institution’s demo of blockchain-powered ID service is the primary industrial software of distributed identification know-how developed by decentralized identifier (DID) consortium often called the Preliminary DID Affiliation. The affiliation apparently refers to a blockchain identity-focused consortium that includes main native corporations that Cointelegraph reported on in July 2019.
The founding group of the Preliminary DID Affiliation included Samsung, monetary companies corporations like KEB Hana Financial institution, Woori Financial institution, KOSCOM, in addition to cellular carriers SK Telecom, KT, and LG UPlus. As reported by JoongAng Ilbo, the consortium is hosted by the Korean Ministry of Science and ICT and the Korea Web & Safety Company.
By rolling out the primary industrial software of its blockchain-powered DID know-how, South Korea’s Preliminary DID Affiliation showcases one more proof for the massive potential of blockchain for digital identification functions. As blockchain offers an immutable ledger for information data, its know-how has grow to be a serious software carried out for streamlining digital identification by world tech giants like IBM.
Moreover, numerous nations over the globe have been experimenting with blockchain-based identification instruments up to now. As such, in late 2019, the Central Financial institution of Azerbaijan announced its plans to launch a venture of blockchain-based digital identification system within the first quarter of 2020. Beforehand, 5 Canadian banks together with the Royal Financial institution of Canada started deploying a blockchain-based person identification system to allow higher safety.