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Large Korean banks join government-backed blockchain ID initiative

Monday 21 October 2019 14:40 CET | News

Four more major institutions including the Shinhan and NH Nonghyup banks have joined a South Korean decentralised identity initiative.

Besides Shinhan and NH banks, two major payment processors – BC Card and Hyundai Card – have also joined the program as of late, bringing the total number of participants to 11. The initiative aims to secure and share personal information using blockchain. According to a report from CoinDesk Korea, the program, which was first released in July 2019, is now officially named as the Initial DID Association.

The consortium now includes Samsung Electronics, KEB Hana Bank, Woori Bank, as well as Korea’s three major mobiles carriers – SK Telecom, KT and LG U+. It also includes Koscom, an IT company 76.6% owned by the Korea Exchange. The project, which is backed by the Ministry of Science and ICT and the Korea Internet & Security Agency (KISA), aims to develop a mobile product that will allow for the secure storing of personal identification information with blockchain technology. 

Users of the system will be able to prove their identities for online transactions and for the validation of qualifications or credentials.

 


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Keywords: blockchain, descentralisation, banks, South Korea, Samsung Electronics, Keb Hana Bank, Woori Bank
Categories: Fraud & Financial Crime
Companies:
Countries: Korea, Democratic People's Republic of
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