The republic of South Korea intends to launch blockchain-secured digital IDs for citizens via smartphones by 2024 in order to facilitate decentralized online verification.
According to a government proposal, digital IDs will eventually be integrated as apps on mobile devices and function similarly to conventional resident registration cards.
As per the Bloomberg report, the verification is provided by text message and aims to be accepted by around 45 million citizens within two years.
According to the President of the Korea Digital Regulatory Authority, South Korea is anticipated to gain at least $42 billion in economic value through this program within a decade, which is equal to 3% of Korea’s GDP.
Hwang Seogwon, an economist at Korea’s Science and Technology Policy Institute, claimed that digital IDs could be used in the fields of finance, healthcare, taxes, and transportation.
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 online methods.
According to Suh, the idea would also involve the adoption of a decentralized identification system by the government, which would prevent it from accessing information saved on an individual’s mobile phone, including details on whose digital ID is used, how and where it is used, the usage patterns, etc.
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