Four More Institutions Join Soth Korea’s Decentralised Identity Initative​

South Korea’s decentralized identity initiative got four more significant institutions, which also include the Shinhan and NH Nonghyup banks under its umbrella. The decentralized identity is the initiative that works towards securing and sharing personal information via Blockchain.

Released back in July, the program goes by the official name Initial DID Association. Apart from Shinhan and NH banks, two major payment processors – BC Card and Hyundai Card are the ones that decided to be part of the program. Now that brings the overall participant count to 11.

The said consortium now includes Samsung Electronics, KEB Hana Bank, Woori Bank, along with Korea’s three mobile carrier giants – SK Telecom, KT, and LG U+. It also includes Koscom, an IT company 76.6 percent whose owner is Korea Exchange.

Ministry of Science and ICT and the Korea Internet & Security Agency (KISA) are the project sponsors. The purpose is to develop a mobile product that gives users the liberty to store information on personal identity securely all through the power of Blockchain. System users can prove their identities for online transactions and the validation of qualifications or credentials.

At first, initials will be used for certificates from six Korean universities, as well as for English test scores. Further expansion to the submission of loan application documents, like income tax withholding and loan certificates. Earlier reports claimed that the system would be in action by the year 2020.

Though the project is expanding, competition does lie in their path in this blockchain identity space. On Oct. 14, the Korea Financial Telecommunications and Clearings Institute (KFTC), a payment settlement organization, made an announcement.

It said that it’s coming up with its mobile ID solution utilizing Blockchain and will set in motion by the end of the month, as reported in the Dong-a Ilbo.