South Korean

South Korean government will create a digital identity powered by blockchain by 2024

South Koreans could soon allow its citizens to utilize blockchain-based digital identification (ID) instead of physical cards as early as 2024, as the country continues embracing blockchain technology.
Per an October. 17 report by Bloomberg, a new plan by the government would have digital IDs integrated with smartphones in the near future that function similarly to the physical registration card for residents.

These digital identification cards are set to go live in 2024, with 45 million people predicted to be able to utilize the technology within the next two years.

An economist from Korea’s Science and Technology Policy Institute, Hwang Seogwon said the digital IDs could be used in the fields of healthcare, finance, taxes, and transportation. Likewise, the Director General of Korea’s Digital Government Bureau, Suh Bo Ram, claimed that the technology could assist businesses that haven’t leaped digital.

The plan will also see the government implement the concept of an uncentralized identity system which means that the government won’t be able to access information stored on phones, which includes the digital IDs being used, their use, how they’re used, and from where

according to Suh.

This kind of technology is not something new to the nation, with the most technologically advanced ranks top of the nations that apply technology to business, personnel, and the government, as per the Portulans Institute, an American think-tank.

It wouldn’t also be the first digital ID solution to go into use in the United States.

In August 2020, more than 100,000 South Koreans implemented a blockchain-powered driver’s license which is accessible through Korea’s PASS smartphone app.

Yahya Imran is a crypto trader and blockchain content creator. He was a Campus Ambassador for FTX Africa and worked as a video content creator in the content Department of FTX Africa. He is a professional Video Editor and Video animator. He is the founder of Coinsplug.

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