South Korea To Roll Out Blockchain-based Identity: Report

The South Korean government will launch digital blockchain-based IDs via citizens’ phones as it prepares for post-pandemic era

article-image

Seoul, South Korea | Source: Shutterstock

share

key takeaways

  • Citizens will be able to access their digital IDs via their smartphones
  • The tech-savvy nation ranks highest among developed markets for smartphone use

South Korea plans to leverage blockchain technology for the use of digital identity cards as the country pivots towards a post-COVID-19 era of remote work and online verification processes.

The country’s government will allow citizens to verify their identity via digital IDs embedded into their smartphones, replacing Korea’s resident registration cards by 2024, Bloomberg reported Sunday.

It comes as South Korea — one of the most digitally developed countries globally — seeks to bolster economic growth following the pandemic. The country was among the most significantly impacted among developed nations.

According to a recent report by the United Nations Conference on Trade Development, the pandemic accelerated the shift toward digitization. As such, cybersecurity concerns are front and center in an increasingly hostile environment safe storage of sensitive data.

Blockchain-based IDs are one attempt to alleviate some of that strain placed on countries seeking to bolster their defense against cyberattacks which have, at times, wreaked havoc across Europe, the US and Australia.

The initiative will leverage the benefits of storing user data in a decentralized manner while keeping citizens’ phone data, including how and where they use their digital IDs, private from the government, per the report.

South Koreans rank as some of the most technologically-savvy individuals across the globe.

Research conducted by the Organization for Economic Cooperation and Development’s Program for International Student Assessment in 2011 showed its younger generation topped other nations for use of online learning.

South Korea also ranks at the top for smartphone ownership, with roughly 96% of all Individuals of any age owning at least one smartphone and using it at least once per month. The US stands at roughly 80% on the same metric.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png

Research

Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.

/

article-image

Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space

article-image

Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?

article-image

Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month

article-image

It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet

article-image

Michael Saylor announced Monday morning that MicroStrategy bought 3k more bitcoin after the X account was compromised over the weekend

article-image

Plus, Pudgy Penguins grows its brand and a group of Autoglyphs sell for $14.5 million