Nonghyup, a South-Korean Bank to Introduce a Blockchain-Based Mobile Identification System
Recently, Nonghyup announced the launch of the first commercial application of a blockchain-powered mobile identification system. The report states that the Initial DID Alliance developed the solution.
The Initial DID Alliance is a decentralized identity consortium hosted by the Korean Ministry of Science and ICT and the Korea Internet and Security Agency (KISA). Tech giants such as Samsung, LG, and SK Telecom would back the identification system. Other consortium members include Hyundai Card, Woori Bank, Cj Olive Networks, and Koscom, among others.
Why the New System is Important
According to the report, the new ID system’s design will control and protect the staff’s information and data. It would also be vital for commuting and managing access to offices.
The system will also give individuals control over their personal information to prevent mass leakage of data caused by the institution. Lee Dae-hoon, president and CEO of Nonghyup, conducted a demo of the solution, and the 20 employees of the bank received a virtual ID card through their mobile phones.