South Korea to Implement Blockchain-Based Digital Identity System
- South Korea is planning to replace ID cards with a blockchain-based digital identity system.
- Digital IDs may be available by 2024, across the country.
South Korea to make comprehensive utilization of the blockchain industry in various sectors. According to a recent report from Bloomberg, the South Korean government is planning to permit the use of blockchain-based digital identification (ID) to its residents, in place of conventional cards.
The South Korean authority may implant digital IDs as apps within mobile devices that function similarly to the traditional resident registration cards. The blockchain-powered IDs would be completely decentralized, preventing the government from monitoring how or when the ID is being used.
Hwang Seogwon, a South Korean economist stated:
Digitals IDs can yield huge economic benefits in finance, healthcare, taxes, transportation and other areas and may catch on quickly among the Korean population. But there has to be more risk assessment technologically to make sure the danger doesn’t outweigh the benefits.
Digital IDs are expected to be available in the country by 2024.
South Korea Getting More Into Blockchain
This is not the first time that South Korea is diving deeper into blockchain technology. The country already implemented blockchain services in various sectors. Over a million South Koreans had adopted a blockchain-based driver’s license by August 2020, which works with Korea’s PASS mobile app. Soon after, in September, the Korea Internet & Security Agency (KISA), a South Korean government organization, started conducting pilot tests on similar technology.
Moreover, the country has adopted a regulatory approach toward the global cryptocurrency market. At the same time, the popular spheres in the crypto industry such as Web3 and the Metaverse are gaining significant attention in South Korea.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
