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South Korea To Offer Blockchain-Based Digital IDs To People By 2024

source-logo  cryptoknowmics.com 17 October 2022 07:00, UTC

South Korea intends to provide residents with smartphones with a digital identity protected by blockchain to enhance economic growth by integrating into the world's most innovative community. In the future, digital IDs will be integrated as applications within mobile devices, operating similarly to conventional resident registration cards, based on a report from sources on October 17.

Smartphone-Implanted Digital IDs

Smartphone-implanted IDs are one of the latest innovative sorts of developing technologies that support a growing digital economy as more individuals operate from home, use cashless transactions, and discover the metaverse. Digital IDs make it easier to verify identities online by eliminating the need to photograph certificates or sign in using text-based authentication credentials. About 45 million persons are anticipated to use the technology within two years after the IDs introduction in 2024.

Use Of IDs

Hwang Seogwon, an economist at the Korea Science and Technology Policy Institute, claimed that digital IDs have potential applications in banking, healthcare, taxation, and transportation. Suh Bo Ram, the director-general of the Korea Digital Government Bureau, claimed that the technology could assist companies that have not yet fully migrated to the internet world. According to Suh, the idea would also involve the government's decentralized identification system adoption, which would prevent it from having access to data saved on phones, such as the digital IDs used, their usage patterns, and locations.

South Korea To Track US$7.2B In Illicit Crypto

Recently, a local news website reported that the Supreme Prosecutors' Office of South Korea invested in software that examines crypto transactions and their sources to track down unaccounted-for crypto cash. Reports indicate that the prosecution has started purchasing a "tracker" for a detailed analysis of virtual currency while investigating a case of illicit foreign exchange transactions totaling more than 10 trillion won.