South Korean banks join Samsung and telcos in blockchain ID project

South Korean banks join Samsung and telcos in blockchain ID project

KEB Hana Bank and Woori Bank in South Korea are collaborating with Koscom, Samsung Electronics and three leading telcos to develop a blockchain-based system for storing digital identities.

The network, which will be used for a raft of mobile authentication services, will enable consumers to load and protect their own data to the blockchain under a 'self-sovereign' model.

The first iteration of the service will see it being used for issuance of college graduation documents. Further down the line, digital onboarding at banks and recruitment hiring at telcos are also cited as future applications.

The system will undergo its first beta test by the end of the year, ahead of a decision to commercialise the offering in 2020.

Similar bank-led projects are already underway in Canada and Spain.
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