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A serious blockchain identification mission 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 companies together with Samsung Electronics and LG Uplus.
In response to 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 response to native stories, 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.
Based mostly on blockchain know-how, the brand new cellular ID system is designed to supply higher management of workers’s private data and defend their private knowledge whereas enabling helpful authentication through a smartphone as an alternative of a conventional ID card. On the launch, the blockchain-based ID service will reportedly be used for commuting and managing entry to entry into workplaces. In future, the cellular ID card is deliberate to be expanded to facilitate establishing appointments and funds for providers.
Preliminary DID Affiliation is hosted by Korean Ministry of Science and ICT
In response to JoongAng Ilbo, NH Financial institution’s demo of blockchain-powered ID service is the primary industrial software of distributed id know-how developed by decentralized identifier (DID) consortium often known as the Preliminary DID Affiliation. The affiliation apparently refers to a blockchain identity-focused consortium that includes main native companies that Cointelegraph reported on in July 2019.
The founding group of the Preliminary DID Affiliation included Samsung, monetary providers companies 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 knowledge data, its know-how has develop into a significant software carried out for streamlining digital identification by world tech giants like IBM.
Moreover, plenty of nations over the globe have been experimenting with blockchain-based id instruments to date. As such, in late 2019, the Central Financial institution of Azerbaijan introduced its plans to launch a mission of blockchain-based digital identification system within the first quarter of 2020. Beforehand, 5 Canadian banks together with the Royal Financial institution of Canada began deploying a blockchain-based person identification system to allow higher safety.
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