A South Korean blockchain identity project has just on-boarded four major firms onto its platform with a focus on privacy and security of personal data and information. The initiative called the Initial DID Association, was first floated in July and before now, had 7 members until Shinhan Bank and NH Bank as well as major payment processing firms BC Card and Hyundai Card, joined in recently.

With the latest entrants, the association now has 11 members including Samsung Electronics, Woori Bank, SK Telecom, KT, LG U+, KEB Hana Bank, and Koscom. The consortium is currently operation with the full support of the Korean government, specifically the Ministry of Science and ICT, as well as the Korea Internet & Security Agency (KISA). Together, the goal is to make it easy for the project’s users to verify as well as validate their identity and credentials whenever they need to, using blockchain technology. The system will also ensure that only authorized entities can access personal data.

According to reports, the initial test of the project will be done in certain South Korean universities. The success will then be spread to other processes such as for loan applications and other filings including taxes. The Association expects that the blockchain system will be fully operational by next year.

Image Credits: Pixabay

The post South Korean Blockchain Identification Initiative Welcomes Major Financial Institutions As Members appeared first on Latest Crypto News.



This content is synced from the rightful owners. Copyright on text and images belong to the original source.

--
This article was first published on: Latest Crypto News