BANKING TECHNOLOGY | Staff Reporter, Korea

Korean banks forge consortium to develop blockchain-based mobile identification

It will allow individuals to store key personal information needed for online transactions.

South Korean lenders KEB Hana Bank and Woori Bank have joined forces with other industry leaders to launch a blockchain-based form of mobile identification by 2020, reports Korea Times. Other participants in the consortium include Korea Exchange’s IT firm KOSCOM, telco players SK Telecom and KT, as well as LG UPlus and Samsung Electronics.

Together, the business consortium will build a new form of identification that will scrap the need for intermediaries which are mostly government-certified or publicly run entities that manage personal data. The service will allow individuals and organisations to assert their identity when doing online transactions by allowing them to store key personal information, including resident registration numbers and bank account numbers, and letting them use the information when the need arises.

The consortium said that they will seek more partners in 2020, including large businesses, universities, hospitals, insurers, entertainment facilities, resort and country clubs.

A separate partnership between KEB Hana Bank and Korea University is being developed to shorten the waiting period for the issuance of student IDs with debit card function to about three days from the previously required minimum period of three weeks. 

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