Blockchain IDs to be Given to Koreans
The South Korean Government plans to incorporate digital IDs as an app into mobile devices in the future, according to Bloomberg. The 'blockchain IDs' will be comparable to conventional resident registration cards. The report says that digital IDs will be available in 2024, with 45 million residents expecting to use the technology within two years.
How blockchain IDs could be helpful to Korean Citizens
Hwang Seogwon, an economist at Korea's Science and Technology Policy Institute, said they could use digital IDs in finance, healthcare, taxes, and transportation. In contrast, Suh Bo Ram, Director-General of Korea's Digital Government Bureau, said the technology could help businesses that haven't yet fully transitioned online.
Plan for the implementation of digital IDs in Korea
The plan also includes adopting a decentralised identification system. That means the government will not have access to information saved on phones, such as how and where they can use the digital IDs.
According to the Portulans Institute, an American think tank, such technology is not new to the tech-savvy nation. South Korea ranks first among all nations using technology for life, commerce, and government. It would also not be the first blockchain-based ID system used in the country. More than one million South Koreans have adopted a blockchain-powered driver's licence that functions through Korea's PASS smartphone application by August 2020.
Will other countries follow Korea in implementing digital IDs?
While South Korea is leading the way in these areas, other countries to follow soon.
According to a June 2021 report from market research firm ReportLinker, the blockchain identification industry will expand another $3.58 billion by 2025, or a compound annual growth rate of 71%.
Brenda Gentry, CEO of Bundlesbets.com, recently told a crypto news website that regardless of how competent and decentralised the ID management system is, it would still require recognition from government bodies or corporations.
Author: Emmanuel Baiden
7 years experience within the financial services sector most notably in Sales, Trading, research and writing articles within the crypto space. I have a bachelor's degree in International Business and a Master's in Investment and Risk Finance . I am also an associate member of the Chartered Institute for Securities and Investment.