Through creating a consortium made up of seven firms, South Korean firms will create a self-sovereign identity identification system based on blockchain technology. The seven firms have signed a memorandum of understating and are set to unveil the platform come 2020. The firms are KOSCOM, Woori Bank, KEB Hana Bank, LG UPlus, KT, SK Telecom and Samsung Electronics.
Through the self-sovereign identity system, the above seven firms want to get rid of intermediaries, whether public or government certified entities tasked with managing data. By getting rid of intermediaries, the self-sovereign identity system will give control back to the users.
The platform will be in place to enable users to store personal information such as bank account numbers and resident registration numbers. By having total control and direct access to the platform, users can use their data at will anywhere and anytime when making their online transactions.
While the partners will be giving power back to users, they will also be bagging on blockchain’s efficiency, transparency and top-notch security features to secure customer’s data. Furthermore, blockchain technology is taper proof and data uploaded won’t be easily altered; hence, accountability of data is guaranteed. However, that’s not all each of the seven firms is a reputable firm in South Korean, and their years of existence works in favour of the other.
Three firms come onboard as financial service providers with other firms such as Samsung Electronic coming in to provide its extensive knowledge in the tech sector. Samsung, through its Samsung Knox firmware, will ensure the safety of the data uploaded on the platform. Samsung Knox will also help in the management of the data.
Besides the above, the partners also seek to broaden the platform to get rid of hiring irregularities by uploading academic certification records and diplomas. Similarly, the platform will come in handy at getting rid of fraud in the insurance sector and automate the issuance of discounts in movies and amusement parks.
Apart from being part of the above consortium KEB Hana Bank, together with the Korea University, are also working on another platform. For the latter, the two are working to shorten issuance of student ID through blockchain technology and also incorporating the ID with debit card functions.