South Korea to Launch Blockchain-Based Digital Ids in 2024

South Korea aims to offer citizens digital identities secured by blockchain tech through smartphones to boost its economic growth.

According to a report by Bloomberg, the country will launch digital IDs in 2024 and plans their adoption by 45 million citizens within two years. An economist at Korea’s Science and Technology Policy Institute Hwang Seogwon said digital IDs can bring significant economic benefits in finance, taxes, transportation, and other areas, and may catch on quickly among the Korean population. Smartphone-implanted IDs make verification on the web fast and easier removing the need to photograph certificates or log in via authentication codes sent by text.

Suh Bo Ram, director-general of Korea’s digital-government bureau, who leads the initiative said every service that hasn't been able to completely transition online will now be able to do so. According to him, the country could generate at least 60 trillion won ($42 bln) in economic value within a decade. Suh Bo Ram added that according to the plan, the government won't have access to information stored on individual phones as the system will be powered by decentralized identity.