Samsung-backed consortium developing a blockchain-based mobile ID system

A Samsung-backed consortium, involving six other major South Korean firms, is developing a blockchain-based mobile identification (ID) system. The firms include Woori Bank, KEB Hana Bank, SK Telecom, KT, LG UPlus and Koscom, an IT service arm of the Korea Exchange, SK Telecom announced Sunday.

A "self-sovereign identity" system, in which consumers are able to protect their own data, is being developed by the participants for faster services. For instance, a student can be issued a new ID in less time as they won't have to submit related papers in person, thanks to blockchain technology.

Samsung will manage the data through its Knox solution, a mobile security solution pre-installed in most of its smartphones and other gadgets, per the announcement. 

The consortium plans to extend the system to services such as academic certifications, insurance and leisure activities at amusement parks, among others.

Earlier this month, Fujitsu Laboratories unveiled a blockchain-backed system to verify users’ ID during online transactions. Tech giant Microsoft also recently revealed its decentralized identifier network, ION, to accommodate large volumes of transactions in ID authentication.

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Yogita is a senior reporter at The Block and covers all things crypto. Before joining The Block, Yogita worked for CoinDesk and The Economic Times. She can be reached at [email protected] Follow her on Twitter @Yogita_Khatri5.