Telcos, banks and tech companies jointly develop new blockchain-based ID solution

In South Korea, mobile operators SK Telecom, LG UPlus, and KT, along with Samsung Electronics, KEB Hana Bank, Woori Bank, and Koscom, are jointly developing a blockchain network to enable individuals to identify themselves and control their personal information. The group says it wants to establish a system for “self-sovereign identity,” a form of digital identification that will remove the involvement of intermediaries, according to a report in The Korea Times. The report said the blockchain-based solution, which will become available in 2020, will enable an individual to store personal information, including resident registration numbers and bank account numbers, and use them whenever the need arises.

Potential use cases include the certification of academic records and diplomas, certification of treatment and compensation records, as well as automatic discounts at amusement parks and films. The report said the consortium will seek more partners in 2020, including large businesses, universities, hospitals, insurers, entertainment facilities, resort and country clubs. Samsung Electronics plans to help ensure the secure management of the stored data with Samsung Knox, an enterprise mobile security solution pre-installed in most of its smartphones, tablets and wearables.

In February 2019, SK Telecom and Deutsche Telekom announced a partnership to develop a blockchain-based mobile identification solution.  The collaboration calls for SKT and Deutsche Telekom’s R&D unit, T-Labs, develop a commercialized, blockchain-powered mobile identity solution that can be used for applications, such as access control, dealings and contracts.

For more information, please see The Korea Times article