Cryptocurrency News

Korean Giants Come Together to Launch Blockchain-based Mobile ID System

South Korea has been a hub of blockchain innovation, and the trend continues. Taking the culture ahead, some of the most prominent firms from the country have formed a consortium to launch a blockchain based mobile identification system, which will reportedly be launched in 2020.

A total of seven companies are coming together for the joint effort, belonging to three different sectors, namely, finance, telecom, and technology. These companies are Samsung Electronics representing tech, LG UPlus, SK Telecom, and KT representing telecom, KOSCOM, Woori Bank, and KEB Hana Bank from the finance sector. In a joint statement released by all the seven members, the consortium states,

“The project will create the strongest possible synergy effect as the participants are top leaders in their respective fields. Cooperation among ICT, telecom, and financial services will help people experience new and advanced services.”

Though only three sectors have come together initially, the consortium plans to bring members of others sectors on board in the future, like business corporations, universities, resort and leisure clubs, entertainment companies, hospitals, and insurance companies.

Blockchain-based digital identification systems are growing in popularity, especially in South Korea. Just weeks ago, the country’s budgetary regulator Financial Services Commission (FSC), incorporated the use of ICONLOOP’s blockchain based digital identification system for administration of its FinTech Sandbox. Ontology Blockchain, another leading blockchain innovation project, partnered with web browser Opera to provide DLT based digital ID solutions.

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Ronald Lindemann

About author
Ronald Lindemann is a journalist and writes news-stories on forex. He is been writing forex news for 4 years for our team. He is an avid book reader.
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