NongHyup Bank, a South Korean agricultural bank launches a blockchain-based mobile identification system to give employees full control of their personal information. Initial DID Association, an identity consortium made of tech giants including Samsung Electronics, LG Uplus, and SK Telecom backed the system’s development, according to a local media report.
NongHyup, South Korean Bank Launches a Blockchain-based Mobile Identification System
Per the report, NongHyup Bank has launched a mobile Identification system that is based on the distributed ledger technology. Reportedly, the distributed identity technology authenticates the user’s identity using the blockchain. It also allows employees to have full control of their personal information.
Consequently, the user’s private information is less susceptible to a hack since an agency does not store it. What’s more, the system will be initially used to commute and manage access to offices. There are plans to enhance the system’s functionality to set appointments and even include payment functions such as buying food at cafeterias.
Bank’s President Showcases Functionality of the Mobile-ID System
Lee Dae-hoon, Nonghyup Bank’s CEO showcased the functionality of the system at the NH Digital Innovation Campus in Seoul. In line with that, 20 of the bank’s executives and employees were invited for the demo. Also, 20 employees were able to apply and receive a virtual ID card through their smartphone during the event.
Further reports reveal that the mobile Identity verification system is the first of its kind in Korea. And the Initial DID Association, an identity consortium governed by the Ministry of Science and ICT and the Korea Internet & Security Agency (KISA), developed the system. Another report revealed that the system is the Initial DID Association’s first blockchain-based commercial application.
Samsung Electronics, LG, and SK Telecom Back System’s Development
On the other hand, Samsung Electronics, LG, and SK Telecom makes up the Initial DID Association. These three companies organized the association and they later accepted other telcos and commercial banks. Accordingly, members of the Initial DID Association include Hyundai Card, Shinhan Bank, BC Card, KT, KEB Hana Bank, CJ Olive Networks, Woori Bank, and Koscom.
There has been a lot of progress in the use of blockchain in identity verification of late. Samsung Electronics through its ICT arm, Samsung SDS has also been promoting the adoption of blockchain. In 2018, Samsung SDS collaborated with South Korea’s commercial banks to launch a customer ID verification.