Four more credit card companies and banks have joined the blockchain-based Decentral ID consortium or Initial DID consortium. It is an ambitious South Korean program to make a Blockchain ID with full support from the government.
In July, SK Telecom, KT, LG U+, Samsung Electronics, KEB Hana Bank, Woori Bank, and Koscom announced that they are joining the Initial DID Association. As Coindesk Korea reported.
The four companies newly joined the Initial DID Association are Hyundai Card, BC Card, Shinhan Bank and NH Nonghyup Bank. A total of 11 companies are participating in the initial consortium. The initial consortium said it will quickly commercialize a convenient and secure electronic verification service by converging the strengths of ICT and financial companies.
How DID consortium can help improve many aspects of life
The initials explained that through the mobile electronic authentication app, users can access the desired institution without printing out paper certificates. So they can get the certificates they want and submit them where they need to be. QR codes might also include in the process of issuing and submitting certificates by each organization in the future.
If more institutions participate, users can use initials to submit certificates for job security and certificates for receiving income tax. Also, it will provide access to insurance companies when applying for loans from banks.
Through blockchain technology, the consortium said it has provided only necessary information for verifying personal identity. Not the entire certificate in order to protect personal information.
The consortium said it plans to introduce financial services linked to banks, credit cards, securities and insurance, certificate services linked to state agencies, schools, and education companies, and access control services linked to ICT security.
The Initial DID consortium revealed its ambition to supplement the role of paper certificates and public certificates through initials. “Through the service that will be introduced within this year, we will make identification simpler and more transparent both online and offline and advance the era of data sovereignty,” said an official of the initial consortium.
The blockchain technology is now everywhere in South Korea. Previously, Samsung launched Galaxy S10 equipped with a blockchain keystore. The government of South Korea is also planning to apply blockchain tech into trading finance in 2020.
But HTC still has hold of the world’s blockchain smartphone which can run a full bitcoin node.
