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South Korea Will Provide Blockchain-Based Digital IDs To Citizens By 2024

October 17, 2022 - Around 2 mins mins to read
South Korea plans by 2024 to offer blockchain-secured digital identities to citizens using smartphones as it reaches out to a tech-savvy population to boost economic growth. The goal of the plan is to find a way to be adopted by 45 million people within two years.
South Korea

According to Bloomberg, South Korea plans to roll out blockchain-secured digital identities for citizens using smartphones by 2024 to simplify online verification without taking pictures of certificates or codes. Verification is sent via text and seeks acceptance by 45 million citizens within two years.

Under the plan, the government will not be able to access information stored on an individual’s mobile phone, including details about whose digital ID is used, how and where it is used, as the system will rely entirely on decentralized identity.

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Smartphone implanted ID is one of the latest emerging technologies underpinning the digital economy that has expanded as more and more people work from home, make cashless payments. face and explore the supermarket.

The head of the Korea Digital Regulatory Authority said that through this program, South Korea is expected to gain at least $42 billion in economic value within a decade, equivalent to 3% of Korea’s GDP.

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