Major Korean Banks Join Decentralized Identity Initiative

Four more institutions, including the Shinhan and NH Nonghyup banks, have joined a South Korean decentralized identity project that is intended to verify and share individual data utilizing blockchain.

As indicated by a report from a local media outlet on Sunday, the program, which was introduced in July, is currently formally named as the Initial DID Association. Other than Shinhan and NH banks, two major payment processors – BC Card and Hyundai Card – have additionally joined the program recently, bringing the total number of members to 11.

The consortium currently includes KEB Hana Bank, Woori Bank, Samsung Electronics, along with Korea’s three major mobile carriers – KT, SK Telecom, and LG U+. It additionally includes Koscom, an IT firm 76.6 percent possessed by the Korea Exchange.

The initiative, which is supported by the Ministry of Science and ICT and the Korea Internet and Security Agency (KISA), expects to create a mobile product that will enable the secure storage of personal identification data with blockchain innovation. Clients of the framework will have the option to prove their identities for online transactions and the verification of credentials and qualifications.

Introductory will be utilized at first for certificates from six Korean universities, as well as for English test scores. It will subsequently be extended to the submission of credit application records like income tax withholding and loan certificates. As per the prior reports, the framework is anticipated to be fully operational in 2020.

While the undertaking is growing, rivalry in the blockchain identity space is additionally expanding. On October 14, the Korea Financial Telecommunications and Clearings Institute (KFTC), a payment settlements association, said that it would have its very own mobile ID solution utilizing blockchain fully operational before the end of the month, as indicated by a report in the Dong-an Ilbo.