South Korean corporations create blockchain consortium

Posted 15 July, 2019


The largest South Korean companies have agreed to launch a blockchain-based mobile identification system in 2020. 

According to local media reports, financial institutions KEB Hana Bank, Woori Bank, KOSCOM, the largest mobile operators SK Telecom, KT, LG UPlus, and also the technology giant Samsung Electronics have become project participants.

The members of the association intend to develop an autonomous identification system that does not require the participation of a third party, which will enable individuals and institutions to control their data during online transactions.

The main objective of the project is to provide customers with the ability to store private data: registration numbers, bank account numbers, and use it as they see fit.

Consortium finance companies are responsible for providing certification services, telecommunications firms for ensuring the stability of mobile services, and Samsung for secure data management. In particular, Samsung will manage data using Samsung Knox, a mobile security product preinstalled on most smartphones, tablets and mobile devices.

In 2020, the organization plans to attract new partners, among which are large industrial enterprises, educational institutions, health infrastructure, insurance companies, the entertainment industry, resorts and country clubs.

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