A consortium of major South Korean firms partnered to launch a blockchain-based mobile identification system in 2020, English-language local media Korea Times reports on July 14.
Per the report, the participants are financial services firms KEB Hana Bank, Woori Bank, KOSCOM, mobile carriers SK Telecom, KT, LG UPlus, and technology behemoth Samsung Electronics (KS:005930). The aim of the partnership is reportedly to develop a self-sovereign identity system that does not require any intermediaries, which would enable individuals and organizations to control their identity information in online transactions.