SK Telecom Launches Blockchain Wallet For Administrative Documents

News / 22.10.2020

South Korean giants SK Telecom has announced a wallet’s launch to store administrative documents on the blockchain.

A wallet to store Korean administrative documents

As local news outlet NewsTomato explains, the wallet will be used to host certificates that prove that a Koran citizen has administrative documents. This may include health information, Proof of address, insurance certificates, National ID, etc.

Once stored in the company’s blockchain wallet, document certificates can be released to institutions that need them. The telecoms firm intends to enable easy integration for banks and other private companies in the country.

There are also plans to gradually extend the types of certificates compatible with the blockchain solution. One of which is integrating documents related to the tax sector. The digital certificates used for this solution come directly from the Korean government as part of the Government 24 initiative. This initiative aims to promote the digitization of official documents used in the country.

The Covid-19 pandemic prompted the idea to use mobile applications to reduce physical contact as much as possible in the context of a health crisis.

Storing digital certificates on the blockchain would ensure the security and authenticity of documents. The head of the Blockchain & Certification department of SK Telecom, Se-Hyun Oh, explains that the solution will only become more transparent in the future.

“As society rapidly evolves towards a direct contactless society, innovation is needed in the process of submitting and processing public certificates. We will try to provide safe and suitable services. “

South Korea a frontrunner in blockchain adoption

South Korea is regarded as one of the countries with a high rate of blockchain adoption in different sectors. The Asian nation has some of the best blockchain laws and houses some of the world’s biggest exchanges. 

In August, Korea issued over a million blockchain driving licenses as part of an initiative to reduce physical documents.  Also, the government announced plans to release billions of dollars to promote new technologies, including blockchain.

The Korean Central Bank has also been working on the launch of its CBDC (Central Bank Digital Currency). All these developments bode well for the Asian nation as it aims to lead the new digitized world. 

Olowoporoku Adeniyi is a blockchain enthusiast and crypto evangelist. Currently he loves all things crypto and covers happenings within the blockchain space.