A group of seven South Korean companies are partnering in an effort to create a blockchain-based mobile identification system, the Korea Times reports. According to the Times’ industry sources, the plan is to launch the new mobile ID next year.
The seven firms involved in the effort include one tech giant, three mobile carrier companies, and three financial services companies: Samsung Electronics, SK Telecom, KT, LG UPlus, KEB Hana Bank, Woori Bank, and KOSCOM.
The goal is to create a “self-sovereign identity” form of identification that uses blockchain technology to eliminate the need for government or private sector intermediaries. As the Korea Times describes the project:
The consortium-developed mobile system will allow an individual to store key personal information including resident registration numbers, bank account numbers and use them whenever the need arises.
In the process, the risk of fraud will be removed as blockchain tech is known to be resistant to data modification, one reason it is considered an efficient, verifiable and permanent method of keeping a record of transactions between parties.