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South Korean Bank NongHyup launches DLT-based mobile identification system

Tuesday 3 March 2020 13:38 CET | News

NongHyup Bank, a South Korean agricultural bank, has launched a blockchain-based mobile identification system.

 

The aim is to give employees full control of their personal information. Initial DID Association, an identity consortium made of tech giants including Samsung Electronics, LG Uplus, and SK Telecom backed the system’s development, according to a local media report.


Reportedly, the distributed identity technology authenticates the user’s identity using the blockchain. It also allows employees to have full control of their personal information. Consequently, the user’s private information is less susceptible to a hack since an agency does not store it. What’s more, the system will be initially used to commute and manage access to offices. There are plans to enhance the system’s functionality to set appointments and even include payment functions such as buying food at cafeterias.

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Keywords: Nonghyup Bank, South Korea, blockchain-based mobile identification system, blockchain, mobile, DLT, distributed ledger technology, distributed identity technology
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Korea, Republic of
This article is part of category

Banking & Fintech