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Blockchain based digital IDs will be available to Koreans by 2024

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Indrani bose Follow

INDIA

Oct, 19 2022

Oct, 19 2022

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Blockchain-based digital IDs will be available to Koreans by 2024.?Smartphones will?have?access to these digital IDs. it wouldn't be the first blockchain-based digital ID system implemented in the nation.   


South Koreans may soon permit its residents to utilize blockchain-based digital identity (ID) in place of traditional cards as early as 2024. Currently, Koreans use resident registration cards to prove their identity. The government is planning to eventually install digital IDs as apps within mobile devices that function similarly to physical resident registration cards. Within two years of the digital IDs' introduction in 2024, almost 45 million persons are anticipated to have adopted the technology.  


These digital IDs could be used in the fields of finance, healthcare, taxes, and transportation as claimed by Hwang Seogwon, an economist at Korea's Science and Technology Policy Institute. Suh Bo Ram, the director-general of Korea's Digital Government Bureau, claimed that the technology could aid companies that haven't yet made the full transition to the web.


According to Suh, the idea would also involve the adoption of a decentralized identification system by the government, which would prevent it from having access to data saved on phones. This will include the digital IDs being used, their usage patterns, and their whereabouts. Additionally, it wouldn't be the first blockchain-based digital ID system implemented in the nation.  


According to a study released in June 2021 by market research firm ReportLinker, the blockchain identification market would increase by an additional $3.58 billion by 2025, growing at a compound annual growth rate of 71%.  


Other achievements made by South Korea in this arena :


The South Korean government made an effort to regulate cryptocurrency trading in January 2018 by limiting trade to only real-name bank accounts. Over a million South Koreans had adopted a digital driver's license that uses blockchain technology and the PASS smartphone app by the end of August 2020. Soon after, in September 2020, the Korea Internet & Security Agency (KISA), a South Korean government organization, started conducting pilot tests on a comparable system.   


The Act on the Reporting and Use of Specific Financial Transaction Information which is the "March 2020 Amendment" was notably changed in South Korea on March 5, 2020. The law creates a regulatory framework for cryptocurrencies as well as the services and activities that go along with them, making cryptocurrencies legal in South Korea and establishing strict compliance standards.   


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Indrani bose

CBW - External Analyst

INDIA

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