South Korea’s Nonghyup Bank to Launch a Blockchain-based Mobile Identification System for Commercial Use

News / 03.03.2020

Nonghyup Bank has announced the launch of the first commercial application of a blockchain-powered mobile identification system. According to the report, the solution was developed by the Initial DID Alliance.

The Initial DID Alliance is a decentralized identity consortium hosted by the Korean Ministry of Science and ICT, together with the Korea Internet & Security Agency (KISA). The identification system would be backed by tech giants such as Samsung, LG and SK Telecom. Other members of the consortium include Hyundai Card, Woori Bank, CJ Olive Networks and Koscom, among others.

Purpose of The New ID System

Per the report, the new ID system is designed to provide better control and protection of staff’s information and data. It would also be used for commuting and managing access to offices. The system will give individuals control over their personal information, to prevent mass leakage of information caused by the institution.

Nonghyup Has Already Piloted the System

The president and CEO of Nonghyup Bank, Lee Dae-hoon, conducted a demo of the solution, during which 20 employees of the bank applied for and received a virtual ID card through their mobile phones.

Featured image courtesy of Shutterstock. Source: Cryptopress.

Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.