South Korea to switch to blockchain-based digital IDs
The country's authorities intend to launch digital IDs in 2024
17.10.2022 - 14:45
348
2 min
0
What's new? South Korea will offer citizens blockchain-based digital ID cards embedded in mobile devices in the form of an app that works similarly to physical resident registration cards. The authorities intend to launch digital IDs in 2024 and expect 45 million citizens to receive them within two years. In this case, the government will not have access to information stored on individual smartphones, as the system relies entirely on decentralized identification, according to Bloomberg.
Information on the Bloomberg website
What do the experts say? Suh Bo Ram, director general of the Digital Government Bureau, said that with this initiative, all services will be able to go completely online. He said the economic benefit will be 60 trillion won ($42 billion) or 3% of GDP at the end of the decade.
Hwang Seogwon, an economist at Korea's Science and Technology Policy Institute, said:
“Digitals IDs can yield huge economic benefits in finance, healthcare, taxes, transportation and other areas and may catch on quickly among the Korean population. But there has to be more risk assessment technologically to make sure the danger doesn’t outweigh the benefits.”
According to supporters of the program, the benefits of digital ID cards include:
- making it easier to get health care services online without visiting doctors in person;
- preventing identity theft and counterfeiting;
- approving contracts remotely without having to sign them;
- providing faster boarding procedures at airports.
Earlier, South Korean electronics manufacturer Samsung developed the Knox Matrix blockchain system to improve the security of its smart devices. Knox Matrix will provide a high level of security and is certified for use by many leading government agencies around the world.
Useful material?
Telegram 
Twitter Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$97 832
BTC
-1.2%
-
Ethereum
$3 421.32
ETH
+3.87%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.48
XRP
+2.47%
-
Dogecoin
$0.427969
DOGE
+5.06%
-
Cardano
$1.05
ADA
+7.75%
-
Stellar XLM
$0.503008
XLM
+52.72%
-
Polkadot
$8.56
DOT
+34.98%
-
Bitcoin Cash
$508.01
BCH
+4.11%
-
Litecoin
$98.38
LTC
+8.25%